From being a landmark paper of Nakamoto in 2008, introducing a peer-to-peer electronic cash system – Bitcoin, blockchain technology has evolved over the early years to become an encompassing innovative technology to add value to businesses across sectors, far beyond the originally planned cryptocurrency space.
According to a report, blockchain is projected to add a business value that will grow to over $176 billion by the year 2025. This would skyrocket to $3.1 trillion by 2030. Furthermore, it’s expected that blockchain will be used as a foundational technology for 30 percent of the global customer base. It’s no longer news that various individuals and firms from different fields are now looking at applications for blockchain that extend much beyond its origins in cryptocurrency and new financial models.
Blockchain and distributed ledger technologies are promising in terms of technology to address the needs of the people such as security, reliability, high performance, low cost of adoption and usage, wide range of usability, and more. Plus, technologies like smart contracts are applied to a variety of purposes, making it possible to automate things such as contractual processes. This technology has various applications ranging from payments systems, music, and art in the form of digital content.
In recent years, there have been records of successful examples of payment currencies in smaller regions with less than 20,000 users, and this new trend in blockchain technology is expected to result in the development of economic zones based on digital payments. And as such, it’s vital for sellers and customers in various regions to be connected through a common wallet so as to facilitate convenient payments.
In order to expedite the trend of regional payments being used worldwide, there is a need to be able to swap one local currency for another and this will require these blockchains to be compatible with each other. By being compatible and with the ability to exchange currencies, users can obtain goods and services conveniently and at a reasonable price wherever they go in the world.
Based on recent breakthroughs in digital technology and the needs of the economy and society, the Nexus Project is on a mission to provide a digital payment infrastructure that will contribute to economic development by improving accessibility and consumption.
By leveraging the blockchain technology, Nexus Project is able to provide merchants and business enterprises with a loyalty payment system that is secured, transparent, efficient, functional, and cost-effective. It offers unique digital rewards/points services to enable merchants to implement a reward system for loyal customers, ensuring customer retention.
Moreover, with unique features of smart contracts, asset collateral, and personal authentication mechanisms incorporation, blockchain technology can be leveraged to its maximum capacity to expedite large purchases like real estate.
Through partnerships with various companies in the UAE, the Nexus Project has made the loyal point payment services readily available and can be used in many retail stores, restaurants, and so on, primarily in Dubai and Abu Dhabi. Incentives for consumption behavior within the UAE will accelerate consumption, and users will be able to complete payments through an app. Stores can also become members without having to spend a substantial amount of money to install the system, as is generally the case with conventional point payment services.
Ultimately, merchants and users will be able to complete payments using the new Spray app, thus preserving inbound commerce. Spray can be used as a payment method and a loyalty rewards solution. It’s an off-chain loyalty rewards solution that allows users to earn NEX points based on how much they spend on purchases, and the points can in turn be used to make purchases.
Likewise, NEX points can be swapped for Nexus Tokens, and NEX points can be recharged with Nexus Tokens from numerous networks. The new Spray app will be available in numerous Dubai shopping malls. About 110 businesses are expected to adopt the new loyalty reward solution to develop safe and adaptable incentive programs that not only delight and retain customers but also boost sales. By the end of the fiscal year 2022, this payment service will be operational.