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Release time：2018.12.20 16:59
Author：Back to list
Bizkey, whose Chinese name is "coin key", means the key to the retail sales industry.
We are dedicated to creating an offline payment solution for digital currency,
which aims to provide a wide range of offline payment applications for many kinds of digital currencies.
Our vision is to connect more than 1 million offline brick and mortar retailers within three years and make it possible for digital currency payment to enter public life.
【Misson】：Enable digital currency payment to become commonplace
【Vision】：Build the world's largest offline payment ecosystem of digital currency
【Values】：Return the value of transaction data to the merchant
Since the development of Bitcoin 10 years ago, more and more people have become aware of the digital currency.
In the past two to three years, with further advances in the fields of cryptography, distributed ledger technology,
and token economic theory, blockchain has made rapid progress and obtained explosive development.
The total number of digital currency users has reached more than 40 million. According to Brian Armstrong,
the founder and CEO of Coinbase, this figure will exceed 1 billion in five years. With such a large user group,
digital currency is on track to be widely used in our daily life. One day,
we will use digital currency not only to buy luxury goods and book hotels,
but also to pay for meals. Using digital currency will be as common as using legal tender.
Looking back on the past three years,
the mobile payment methods (legal tender) popularized by WeChat and Alipay were used by
less than 1%. 2% usage in 2015 rose to more than 80% in mainland China today.
Referring to the rapid development of mobile payment,
we have reasons to believe that digital currency will experience the same rapid development progress in the future.
The future is coming. Bizkey is making arrangements ahead of time,
and we look forward to working with merchant acquirers to seize the opportunity and cooperate for a bright future!
We will achieve our ambitious goal through three steps
【The first step is supporting legal tender transaction which functions as the mining mechanism】
At the present stage when digital currency is not widely held or accepted,
retail transaction data be sanitized to add value to brick and mortar retailers,
with the merchant base expanding through the incentive of obtaining data insights with the BZKY token.
Compared with the centralized payment platforms such as WeChat,
Bizkey is agnostic on the legal tender earnings of the merchants and returns the value of the data assets to the merchants,
incentivizing the addition of more merchants to the Bizkey ecosystem.
【The second step is to reduce costs and increase efficiency】
The BZKY token will be used to reduce the payment cost of using the Bizkey payment system.
In addition, various retail services can be paid or discounted through the use of the BZKY token within the ecosystem.
Bizkey’s consumer side token, the TIME token,
will function as a common loyalty rewards point given to consumers when patronizing merchants in the Bizkey ecosystem.
Merchants can offer rewards, perks, and discounts in exchange for TIME tokens to promote consumer cross traffic and reduce the cost of obtaining customers.
This system of blockchain rewards will continuously acclimate merchants and consumers to the use of blockchain in everyday life.
【The third step is to enable a large number of other digital currencies】
With the constant acquisition of merchants and the increasing number of crypto users,
Bizkey will access more mainstream digital currencies and enable them to have many offline payment applications.
Bizkey will charge fees in the digital currency transactions and offer passive income for merchants choosing
to invest their crypto currency instead of liquidation of crypto assets.
Payment is the closest industry to the application of blockchain technology.
Bizkey will connect the blockchain industry to many offline businesses,
using incentives to align the interests of decentralized merchants and users to share assets in mutual cooperation.
Significance of adopting blockchain technology
Bizkey is very different from other blockchain projects, especially public blockchain projects.
We have always defined Bizkey as a supporting facility of the largest blockchain industry.
Bizkey hopes to build an offline application to help more digital currencies see adoption in the future and provide payment access to all.
However, Bizkey still has many typical characteristics of blockchain projects.
From aligning incentives between merchants to facilitate data sharing to the construction of a DAC organizational structure,
Bizkey has made full use of blockchain technology in many areas.
【Data Incentivization】: Through the application of blockchain technology, we incentivize the sharing of transaction data by merchants.
We format and clean the data, conduct data engineering, and reward the data producers.
【Data Validation】: Blockchain can play the role of data tamper-proofing.
Knowing the exact origin of transaction data using the blockchain rewards,
we can hold data providers accountable and avoid the possibility of data falsification.
【Decentralization】: The ethos of decentralization emphasized by blockchain technology pairs with the decentralized nature of brick and mortar retailers,
which is threatened by market centralization exhibited by the dominance of Amazon and Walmart.
The potential efficiency of local merchants is much higher than centralized online platforms
but can only be unlocked through cross traffic strategies and data asset sharing.
Data oligopolies and information asymmetry caused by market centralization can be reversed,
greatly reducing the cost of customer acquisition and data insights for smaller merchants.
【Token Economy】: The unique token economic model of blockchain can incentivize merchants
and third party partners to participate in the ecosystem and accelerate growth.
【Biz-Pay】: The Bizkey platform has a lower payment service charge compared with existing financial platforms.
Expediting Blockchain Adoption through Retail
With the decentralization of today’s marketplaces, services and networks,
the aging market of retail remains mostly untapped by technology, stuck with inefficiencies on logistics, payments, service quality and accounting.
Bizkey is a feature-ready platform introducing intelligent blockchain-based POS systems (Biz-POS)
that support a variety of powerful applications to streamline and re-integrate merchants into the digital era,
laying a solid foundation for the new era of ubiquitous digital lifestyles.