Incent: Blockchain Tech Meets Retail Rewards
Overview of Incent
Incent is a blockchain powered loyalty rewards system, designed to align stakeholder, consumer, and investor interests. The system incorporates digital currency into the reward system for retail operations. To simplify, when a consumer makes a purchase, they are rewarded with a digital currency which he or she may spend at any retailer using Incent. Effectively, it is a low-cost, high-intelligence coupon system.
The creators of Incent designed the platform to provide a loyalty rewards program that improves retailer and customer experience. For retailers, the platform builds upon existing customer intelligence and customer incentives at minimal cost. Intelligence about customers improves as retailers gain access to all transactions that the customer makes in the network. In accordance with traditional loyalty reward programs, customers are more likely to shop at stores where there is a deal. As a disruption to existing loyalty reward models, blockchain technology does not require chip or card technology for point-of-sale transactions. For customers, Incent expands the scope of reward spending to include other retailers on the platform.
On October 1st, the developers plan to crowdsale tokens with the goal of raising between $1 million and $5 million. The sale is intended to finance the platform and stabilize the token currency.
Adoption Projections and Bitcoin Technology
If Incent succeeds early, with a high adoption rate among retailers, growth could occur at a nonlinear rate. In the hypothetical situation of success, non-blockchain business would face pressure from customers and lower reward margins to accept the currency. The rate of acceptance, with particular respect to consumer demand, would snowball as more retailers joined the program. Conversely, if it struggled to gain a following among retailers or customers, the value of the tokens would drop and the platform would lose operational capabilities.
In either event, the growth and investment in blockchain technologies is a testament to the underlying structure of Bitcoin. Whether Incent succeeds or fails, the investment in blockchain technology contributes to my faith in Bitcoin’s underlying technological security.
Image from Incent white paper.