DALLAS, Sept. 24, 2020 /PRNewswire/ — The Coupon Bureau (TCB), a non-profit, industry managed coupon data exchange technology platform that works with many of the largest consumer product goods (CPG) manufacturers and retailers, has moved into the next phase of development of its Universal Positive Offer File, which will leverage the Hedera Consensus Service (HCS) to create a universal digital coupon for the retail industry. The new universal digital coupon will provide a standardized and secure mechanism for coupon distribution by utilizing a singular centralized database of offers, which can be used across paper, mobile, or online commerce.
“The COVID-19 outbreak has required the coupon and retail industry to find innovative ways to meet consumers’ changing behavior, especially in the context of dramatically rising e-commerce sales and online deliveries,” said Brandi Johnson, CEO of The Coupon Bureau. “There has never been a more urgent need for a universal digital coupon that crosses retail mediums, verticals and purchase environments, to provide consumers and retailers with the added layer of trust to serve their needs. Today, we are proud to roll out the roadmap for sunsetting old coupon formats, and delivering a cohesive couponing experience for both retailers and consumers.”
The universal digital coupon will feature a new coupon application type, known as AI (8112), that will enhance coupon security and reduce fraud. Every coupon generated will have a digital fingerprint on the Hedera Consensus Service. When a coupon is redeemed, it will also be recorded on HCS, so it cannot be used again or reproduced. This allows for online couponing, not currently available under the current standard. In addition, the activities of the centralized data exchange (UPOF) all pass through HCS for verifiability. More information on how the integration works can be found at https://www.thecouponbureau.org/trustlayer.
The move to a new universal digital coupon standard will see the phasing out of the existing legacy coupon type AI (8110) based on barcodes, once a majority of retailers are compatible with the AI (8112) type format. The sharp rise in touchless commerce since the COVID-19 outbreak is expected to hasten retailers’ plans to become 8112 compatible. The Coupon Bureau is projected to be integrated with upwards of 70% of grocery retailers in 2021.
“Working with The Coupon Bureau has made clear the benefits of implementing a standardized framework for coupon usage that puts innovation and security at the heart of the coupon industry. Their work to deliver a standardized universal digital coupon across the industry will increase the accuracy of offer validation and increase efficiency through the centralized data usage,” said Mance Harmon, CEO and Co-founder of Hedera Hashgraph. “We are delighted that they have selected to use HCS, the only service capable of delivering the throughput, visibility and security features the industry needs to deliver this next-generation of coupons to customers.”
About The Coupon Bureau
The Coupon Bureau’s mission is to connect manufacturers, retailers, and consumers through technology and community, to build solutions to the issues of real time validated, retailer agnostic coupons and fraud prevention. A non-profit corporation, TCB works with members of leading coupon and retail associations – ACP, JICC, FMI (The Food Industry Association), GMA, CONEXXUS, Consumer Brands Association, and GS1 US – to develop new technology, support third-party technologists, deploy educational programs for industry stakeholders, and give back to the community.
For more information visit www.thecouponbureau.org.
Hedera is a decentralized public network on which developers can build secure, fair applications with near real-time finality. The platform is owned and governed by a council of the world’s leading organizations including Avery Dennison, Boeing, Deutsche Telekom, DLA Piper, FIS (WorldPay), Google, IBM, LG Electronics, Magalu, Nomura, Swirlds, Tata Communications, University College London (UCL), Wipro, and Zain Group.
For more information, visit www.hedera.com, or follow us on Twitter at @hashgraph, Telegram at t.me/hederahashgraph, or Discord at www.hedera.com/discord. The Hedera whitepaper can be found at www.hedera.com/whitepaper.
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SOURCE Hedera Hashgraph