Home Development Can a new retail blockchain platform beam up an end to the 'war on data'?

Can a new retail blockchain platform beam up an end to the 'war on data'?

Created to "end the war on data", Beam says it uses blockchain to facilitate the exchange of data for value between retail customers and stakeholders, and has just announced its ICO.

Beam aims to "rebuild retail so that every product and service knows the customer it's destined for before they are even produced".

The company says the aforementioned "exchange on data" solves "the customer behaviour puzzle by providing the retail value chain with real-time access to insights that were previously deemed impossible".

It says it is "built for 21st century commerce" and is "specifically designed to capture all the data necessary to optimise the retail value chain, while putting customers in control of their data".

The announcement was made at the "World Blockchain Forum" in New York, where both Ethereum and Dash were previously launched.

We're told that "the current system of producing products and services, only then looking for customers, costs us US$4.5 trillion each year in waste, opportunity and cash costs.

"This equates to US$18 on every US$100 spent; taxing each household US$3000 a year. By reversing the current model, the retail economy can be rebuilt changing the way buyers find products and services.

Proudly boasting of having been "operational for five years, processing over 4 million and US$250m worth of transactions", Beam says it has " the most popular digital wallet in the Middle East".

Beam boasts of some big name customers, too, with "retailers that are already using Beam including Subway, Carrefour, Tommy Hilfiger, Costa Coffee and ENOC, Dubai’s largest gas station network".

Currently live on three continents, and "utilising the blockchain technology", Beam says it is "opening up its platform to accelerate its global scale".

Rania Nazmy, retail communications manager at ENOC, said: “It was an obvious choice to partner with Beam. Together we were able to create the world’s first and only mobile wallet to pay for fuel.”

Serdar Nurmammedov, founder and chief executive, said: “Our ambition to make this vision a reality is matched by our domain expertise, ability and experience”.

So, with all the blockchain buzzwords already having been bounced around, how does Beam work?

The company says that "by harnessing the power of the Internet, mobile phones and blockchain, Beam facilitates the exchange of data for value between customers and stakeholders of retail".

"Users will have full control over their data and be rewarded for sharing parts or all of it with the network. This exchange provides the retail value chain with real-time access to vast amounts of customer insights previously deemed impossible.

"On the Beam Platform, retail stakeholders define the objectives, nominating a set of measurable criteria with a corresponding reward amount.

"Beam then turns this into a smart contract and broadcasts it to a distributed network of participants who specialise in solving problems for the retail value chain.

"The problems range from planning, pricing and discounting strategies as well as customer acquisition and retention."

Nurmammedov added: “Many attempts have been made to improve the retail value chain. However, they all remain iterative in nature or tackle issues on a symptoms-level at best. We are targeting the root cause of the flaws and inefficiencies in the current retail value chain model. These inefficiencies led by outdated models have led to a war on data.”

Beam then beams up a vision of the future, stating "the future of retail is efficient".

"Wasted time, budgets and resources will be displaced by surplus, thus creating an infinite number of virtuous economic models, global job opportunities and prosperity."

Beam's ICO token sale will last until Q3 2018, and aims to beam up US$40 million into its coffers, presumably to shine a beam of light onto its plans and to turn them into reality.

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Alex Zaharov-Reutt

One of Australia’s best-known technology journalists and consumer tech experts, Alex has appeared in his capacity as technology expert on all of Australia’s free-to-air and pay TV networks on all the major news and current affairs programs, on commercial and public radio, and technology, lifestyle and reality TV shows. Visit Alex at Twitter here.

 

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