Invigor gets into blockchain with the crew behind Australia’s first Initial Coin Offering
Business data analyst Invigor is jumping into bed with blockchain developer ChronoBank.io to create a digital token for customer loyalty.
Invigor (ASX:IVO) and ChronoBank.io will develop a digital token called Infinity that’s designed to replace loyalty points with a digital, blockchain based solution.
Blockchain is best known as the basis of digital tokens or cryptocurrencies such as bitcoin. But it has many other potential applications such as securing online transactions and enforcing digital contracts.
Under the plan, retailers could distribute Infinity digital tokens instead of rewards points.
Initially, the focus will be on retail and service industries.
Invigor also told the market it was in advanced discussions to roll out an Infinity digital wallet which could be used to manage the token and purchase goods and services.
“Today, businesses’ power to effectively manage, action and own data is limited by the thousands of different loyalty and points issuance programs available in the market,” chief Gary Cohen said.
“The use of blockchain technology particularly to create a token that can be traded in a safe and secure way between businesses and consumers will become more highly valued than the individual loyalty points that are currently being offered by most loyalty programs.”
ASX-listed Mobecom has been pursuing a similar idea with its airBux loyalty points which can be earned from multiple merchants and transfered to a cloud-based digital currency to be redeemed using an app at any participating business.
Invigor shares closed up 14 per cent at 0.8c on Monday.
ChronoBank.io operates a blockchain solution designed to disrupt human resources and recruitment by tokenising hours worked.
It launched Australia’s first Initial Coin Offering (ICO) – Time – which facilitates transactions between employees and employers on a blockchain platform.
Chief Sergei Segienko is an entrepreneur and expert in Blockchain technology – skills Invigor hopes will make its new venture a success.
ChronoBank.io will be the issuer of the Infinity Token as well of the operator of the exchange on which Infinity tokens can be traded.
Invigor provides commercial relationships to make it a reality – leveraging its partnerships with brands, retailers and shopping centres.
Unklike other ICOs, neither party plans to raise money through the issue of tokens.
“Each joint venture party is responsible for its own costs and the company will contribute technical and commercial resources which are already in-house. No additional funding is anticipated from the company.”
That’s despite Invigor having just $247,000 in the bank at the end of the quarter – and estimated of outflows of $3 million this quarter.
It’s confident customer receipts will bridge the divide – pointing out to investors that it had generated $2 million in the March quarter.