Blockchain professional services company Varius Solutions has developed a series of blockchain-powered ‘smart digital objects’ for the retail industry, transforming the way consumers interact with redeemable rewards.
These smart digital objects, called ‘Vatoms’, have been created on the BLOCKv blockchain platform and will be showcased as part of the upcoming NRF Retail Conference and Expo, held at the Javits Center in New York.
Varius Solutions plan to release the Vatoms as a virtual treasure hunt during the event (running 13th-15th of January), where participants will find and collect rewards such as prizes, discovered via a mobile map or augmented reality.
Digital objects on the blockchain are often referred to as non-fungible tokens (NFTs) and are authenticated, unique and traceable – the same principles apply to Vatoms, which Varius Solutions says can be programmed to release redeemable rewards according to certain events, locations, sports scores or even the weather.
Varius Solutions said it hoped its Vatoms would demonstrated how gamified digital objects on the blockchain could heighten the customer experience, deliver improved metrics and longer-term customer value.
“The blockchain revolution has changed our entire perception of reality,” said Varius Solutions chief digital officer Mike Gamaroff.
“There is now the ability for retailers to deliver digital goods that contain real value and create meaningful connections with their customers, driving higher efficiencies in media spend and yielding higher repeat engagement levels than possible in traditional digital channels.”