Benebit Uses Blockchain Technology

Online Retail Startup Benebit Uses Blockchain Technology To Disrupt The Online Shopping Industry, ICO Commences Jan 22, 2018

Bitcoin Press Release: Online Retail Startup Benebit used Blockchain Technology to disrupt online shopping industry. The service uses an app and physical card to allow users to collect loyalty points, exchange them for Benebit tokens, and spend them at all of your favorite online stores.

12 December, 2017, Tortola, British Virgin Islands – British Virgin Islands-based retail startup Benebit is making big plans to take the online retail market by storm. Benebit is launching a platform that will offer global consumers the chance to convert loyalty points into Benebit Tokens, that are then used to buy online goods similar to fiat currency. The platform will look to do away with the aging system that requires retailers to carry numerous and separate loyalty cards, replacing them with one single card and an application that will cover thousands of businesses across the globe. The Benebit crowdsale will give retail and cryptocurrency enthusiasts an opportunity to support the company from the ground floor and hold Benebit tokens for future use. The ICO accepts numerous cryptocurrencies and commences on January 22, 2018.

Benebit Uses Blockchain Technology

Benebit Uses Blockchain Technology

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It is no secret that e-commerce has already disrupted shopping in a major way. From books to clothes and even groceries, consumers are choosing utility and time savings by taking their business online. This has revolutionized the way consumers buy products and services, benefiting retailers and consumers. Retailers see substantial savings on brick and mortar operations while customers save both time and money. However, online retailers are now facing the same issue that plagued traditional retailers, specifically in the issues around how they offer efficient customer loyalty and retention programs.

So how are retailers addressing customer loyalty?

Cashback and loyalty programs are a way to incentivize customers by giving them an amount of cash for every purchase they make. The main idea is to create a better consumer-merchant relationship by facilitating consumers and making them feel valued. And, naturally, consumers are inclined to participate as well. According to a survey by Loyalty360, 83% of consumers participate in at least one loyalty program, and 13% participate in more than five. With that being said, the efficiency of those programs are tragic. Most programs are too slow and absolutely illiquid, as a consumer can only spend his or her “points” on the same retailer, as well as losing them after a certain period.

Disrupting online shopping through blockchain technology

With both retailers and consumers in mind, aims to revolutionize the world of cashback and loyalty programs through the adoption of blockchain technology. How? Benebit will replace the point system from the last century with the Benebit Token, allowing users to exchange their Benebit Tokens into any major cryptocurrency or fiat currency. Now, customers do not have to worry if they are in the UK or Europe, as they will always be able to shop from their favorite brands all over the world using one single Benebit Token (BNE).

How does it work?

For consumers, the startup will be introducing the Benebit App, as well as the Benecard in 2018. While shoppers can use the app to find brands, shop and store their points, the Benecard solves the longstanding problem of countless loyalty cards. The card is essentially a hardware wallet for all cashback points, which can be spent anywhere as the proprietary technology allows users to use it as fiat money or a credit card.

From a business point of view, Benebit empowers retailers with a Point of Sale System, which not only collects customer shopping data but also allows for management of internal processes such as inventory tracking, staff payroll, and vendor listing. In addition, Benebit’s proprietary technology lowers retailers’ transaction fees as intermediaries are cut out and all transactions happen on the Benebit network. Last but not least, brands are able to interact with customers (and vice-versa) through the Benebit app, increasing engagement.

Crypto hype or an actual use case?

While there are countless blockchain projects built around nothing more than a few hype words, Benebit looks to have an actual use case where the benefits of the blockchain technology add real value to both businesses and consumers.

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Cryptocurrency Benefits and Drawbacks

Cryptocurrencies make it less complicated to transfer price range among two events in a transaction; these transfers are facilitated via using public and private keys for security functions. These fund transfers are executed with minimum processing prices, allowing users to keep away from the steep fees charged by maximum banks and monetary institutions for twine transfers.

Valuable to the genius of bitcoin is the blockchain it uses to store an internet ledger of all the transactions that have ever been carried out using bitcoins, imparting a statistics structure for this ledger that is uncovered to a restricted hazard from hackers and can be copied throughout all computers running bitcoin software. Many professionals see this block chain as having important uses in technology, which includes online voting and crowdfunding, and major monetary establishments along with jp morgan chase see capacity in cryptocurrencies to decrease transaction fees with the aid of making fee processing greener.

But, because cryptocurrencies are virtual and do no longer have a valuable repository, a digital cryptocurrency stability may be worn out by a laptop crash if a backup copy of the holdings does no longer exist. When you consider that charges are primarily based on deliver and call for, the price at which a cryptocurrency can be exchanged for another forex can differ widely.

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Richard Dambrosi (JADTECNIC) Has Been Sharing FOREX INVESTORS ANALYSIS FORECAST since 2011. Editors and Founder of, has a passion for Forex Social Sharing analysis and Market Trends Such as Self Driving Cars, Electric Cars, Medical Marijuana, 3d printing and Cloud computing, Refers to Readers as BUZ INVESTORS.

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