Blockchain continues to make strides in the modern world, and not solely through cryptocurrencies. From art to football, the next stop for the technology appears to be franchising.
We know that blockchain technology’s intrinsic characteristics allow it to be used in a range of businesses and not just for cryptocurrencies. Live Bitcoin News has reported on it being integrated into supply chain management processes as well as it being used to improve healthcare systems.
A New Use for Blockchain
According to Forbes, another interesting avenue for blockchain to explore is franchising. This prospect was discussed at the recent International Bar Association’s Franchise Law Committee meeting in Italy. Craig Tractenberg, of law firm Fox Rothchild, said:
One of the roundtable discussions dealt with the use of blockchain technology in franchising. Those familiar with blockchain technology know that it can be used beyond cryptocurrency transactions and applied to any record keeping. The anticipated uses of this digitized public ledger technology are for digital payment, smart contract, and database – record management systems.
One of the key features of disruptive technologies is that they cut out the middleman in any equation, which, depending on the business, could result in more efficient processes and less money or commissions paid to third parties. This peer-to-peer approach could also make use of smart contracts, which are self-fulfilling agreements that are concluded once certain pre-determined conditions are met.
Tractenberg elaborated on this while referencing a few platforms, saying:
The discussion itemized the commercial application of the technology to the franchise context. Cited was FOODCOIN Ecosystems as a global marketplace for food and agricultural products designed to eliminate intermediaries through the use of smart contacts. Another emerging company is FANTOM Foundation, which has apps for food reservations, geolocation and supply chain management. Carry Protocol, provides merchants and customers a platform to communicate and understand each other, and is effectively an advertising channel.
Live Bitcoin News actually recently reported on how major retailers like U.S.-based Walmart and France-based Carrefour are making use of the technology to track and trace certain fresh produce items.
Rewarding Customers in Crypto
Another way for blockchain to be used in the retail sector is through rewards programs. Chanticleer Holding, whose stable includes American Burger and Hooters, has actually introduced a loyalty program for the latter. The group’s CEO, Michael Pruitt, explained:
Customers can have a cryptocurrency loyalty program across all Chanticleer Holding brands — and beyond. It runs on the MobivityMind commerce platform, and will pay out in Merits, a cryptocurrency that’s leveraging the same infrastructure and principles of Bitcoin, Ethereum, Ripple, Litecoin, and more.
Live Bitcoin News recently ran an article on how certain companies in the beauty industry have plans to reward their loyal clients in crypto, which will not only grow their customer base but will also increase the usage and adoption of cryptocurrencies in the retail industry.
Do you think that franchising is the next stop for the blockchain train? Let us know in the comments below!
Images courtesy of Shutterstock.