Most businesses don’t need tokenization or blockchain technology per se. What they need however is:
- increase users / customers retention and engagement
- increase the deal flow
- as result, increase the added value generated by the business and its capitalization
Dappros Platform offers a product and a working plan that help in achieving these goals.
Working plan on boosting your business ecosystem through effective application of tokenization and blockchain
1. Each customer / end user automatically gets a blockchain crypto wallet (along with their own keypair).
They can use it to view balance, store tokens and transfer tokens to other users (in exchange for membership discount for example).
This feature is supported by Dappros Platform Users API.
2. Introduce your own business tokens.
A crypto token is basically a kind of digital asset which has cryptographic mechanisms in-built and supported by blockchain to ensure it can be owned and transferred in a secure way. It can also be programmed (see smart contracts) to participate in business processes.
When deciding to introduce your own tokens you need to choose between:
(A) Integrating crypto tokens behind your existing system and processes.
This is useful for example when you already have some loyalty program, point based system etc. In this case you can say in your PR messages that now our coins are powered by blockchain, will become freely transferrable, more powerful, working in multiple use cases across ecosystem.
Alternatively you can decide to (B) issue new tokens as a separate entity.
This option is useful when your business doesn’t have a point based system, loyalty or token program, or when you want to issue crypto token for a completely different purpose, for example to raise funds or to be used as a utility.
There are many different things you can implement tokens for such as purchases or membership discounts.
You could also go further and open up your token economy for trading in between your users / customers / partners. This is where crypto tokens are especially strong and powerful. To create your own business ecosystem you need to have (1) some sort of digital asset, ‘programmable money’ and (2) easy way for your ecosystem members to trade value and transact. They can transact directly with each other, but do it on your rules and on your ground. However thanks to blockchain they now have full transparency and verifiable trust, knowing exactly what is happening, knowing they can accumulate wealth represented in crypto tokens, and knowing everybody plays by the same rules coded in smart contract.
Dappros Platform Tokens web interface and Tokens API provide you with these features out of the box.
3. Boost customer engagement and volume of transactions through token rewards
After your own business token is introduced, you need to ensure you customers or users have (1) means to earn or purchase them; (2) means to spend them.
Why don’t make it an integral part of your product/service journey so that token economy directly rewards customers (users / partners / employees) for interaction with your services and products?
You can have the business logic programmed in such way that customers get tokens into their wallets for:
- Interacting with your web / mobile apps
- Purchases and subscriptions they make
- Referrals of other customers
- Spending time online interacting with other customers in your system
This all increases users retention and volume of transactions / engagement.
Dappros Platform makes it easy to integrate blockchain token rewards into your existing business logic via REST JSON APIs. One API call is all it takes to move tokens from your business crypto wallet to a user, or to issue a new set of tokens.
4. Transparency via Blockchain Explorer.
All users can access blockchain Explorer web interface where they can see all blockchain transactions in relation to your business platform.
This introduces extra transparency and validates the use of blockchain in the ecosystem.
Additionally this is useful as ‘credit history’ of the ecosystem and its members. It’s an auditable log of transactions and activities. Tokens issuances, transfers etc are all visible there in an immutable distributed ledger protected by cryptography.
3rd parties added value providers (such as lenders and insurance providers in some cases) could be given access to the ledger via Explorer interface to enable exclusive offers to those of your customers who have built up ‘credit history’.
Otherwise you can decide to keep your blockchain transactions data private and use it for internal audit purposes only.
This way or another, you remain assured all data is stored in an immutable cryptographic ledger. Each transaction and token issuance can be tracked to its root.
Dappros Platform offers Explorer interface and REST JSON API allowing to fetch transactions to be displayed in 3rd party applications.
Other possibilities and features:
- Enable internal money, sharing/barter economy by allowing users to trade tokens or other value in your ecosystem directly between each other
- Raise money from external investors and/or your customers / users (crowdfunding) through initial token offerings (such as ICO, ITO, STO) allowing you to generate extra liquidity and raise funds through token offering investment rounds. You could also create an exchange allowing businesses and 3rd party users to trade (buy, sell, exchange) security tokens and utility tokens (meaning either small pieces of equity with built in dividends/profit sharing smart contracts, and/or utility tokens giving access to discounts, exclusive offers or needed to pay for some business function). However this might mean difficulties with regulators depending on how you implement it and your incorporation jurisdiction.
- Referrals system Influencers reward system – integrate a referral link tracking and click tracking engine engine that allows your ecosystem and influencers globally to post your referral links on their social networks, and reward them with crypto tokens that could be exchanged for your goods/services discounts or cash.
- Use the immutable ledger and smart contracts for business transaction add-ons such as automating dispute resolution, automated escrow etc.
Following this plan will allow you to:
- create your own token economy around your business ecosystem
- boost customers engagement
- increase traffic to your digital outlets
- increase added value generated by leveraging the ecosystem
- increase the capitalization of your business
Create your Dappros Platform account to make it happen today: https://app.dappros.com/