What is Reward Protocol?
In traditional retail stores, it can be difficult for companies to gauge their customer’s journey or shopping process. This makes it difficult for them to find out what products they should advertise or sell to their customers.
And, there’s a problem that customers face because of this current system. They feel that they aren’t rewarded properly for participating with these companies. With Universal Reward Protocol, the company plans to create a system that bridges the gap between online and offline shopping channels.
This means that Universal Reward Protocol’s team solve this problem by using AI technology, data fusion, and indoor geolocation to bridge the gap between offline and online channels.
What makes Universal Reward Protocol unique is its IoT technology included with it. It’s technology currently covers over 100,000 square meters and publishes the data on the blockchain. As a result, its deployed within a mesh network to help the data capturing process more robust and easier to set up.
Shoppers Can Earn Rewards: Shoppers gain URP tokens by sharing their data with retailers. You’re able to share the location of the sale, your purchases, the point of sale, etc. This makes it easier for users to earn rewards and have an incentive at shopping at their favorite retailer.
Data Transparency & Security: Universal Reward Protocol has a blockchain-based ecosystem where you can gain control over your data while obtaining offers from retailers that are personalized and tailored to your shopping habits.
Token Redemption: Retailers can obtain URP tokens by making personalized and exclusive offers based on the shopper’s shared data.
Universal Digital Wallet: Universal Reward Protocol has a digital wallet that allows users to check their redemption contracts and rewards at any time. You’re able to change your privacy settings and check your URP token wallet balance.
- Distributed Data Storage: URP allows showers to decide which retailers they want to share their data with. This sensitive receipt data is isolated between the retailers while your navigation data will be available to every node on the network.
- Utilizes IoT Technology: Since it combines blockchain technology with IoT technology, users are able to receive detailed data reports on their shopping habits while also having encrypted data that’s protected from unauthorized third parties and hackers.
- Affiliated Businesses: So far, Universal Reward Protocol is backed by successful companies such as Nestlé, Carrefour, and Auchan. As time progresses, we can see URP be used by other companies that are willing to learn more about their shoppers so they can better advertise and promote their products to them.
- Data Protection: We would like to know how does Universal Reward Protocol plan on preventing shopper’s data from being used by fraudulent shopping sites and low quality retail stores?
- No MVP: Until Universal Reward Protocol has a working product, it will be difficult for users to see how their platform works. They are planning to make an MVP by early 2019.