Revolutionizing Employee Rewards: Tntra's Blockchain-Powered Digital Money Solution for a Japan-Based Conglomerate
- Industry: FinTech Blockchain
- Location: Japan
Introduction
A Japan-based conglomerate sought to enhance employee rewards by introducing digital money as loyalty points across diverse industries.
Tntra, a leader in digital transformation, harnessed Blockchain technology to create a secure, decentralized digital money system. The decision to utilize a private Blockchain network underscored the need for tailored solutions within the employee-retail ecosystem.
Tntra, with its adept team and profound blockchain expertise, assures unparalleled solutions, signaling a commitment to revolutionizing digital currencies and Central Bank Digital Currencies (CBDCs) in the ever-evolving landscape.
- Hyperledger Besu
- Java
- NodeJS
- EtherJS
- Web3
- React
- Solidity
- Docker
- Postgres
- AWS
- Wallet Management
- Digital Money
- Blockchain Network
- Agile (Kanban Framework)
- Microservices
- Extreme Programming (XP)
Business Problem
The client is a Japan-based conglomerate with a presence in multiple industries like finance, retail, beauty, etc.
The client wants to provide employees with digital money as performance rewards (loyalty points) for good performance.
The employees can use the digital money to purchase products from the retail stores that are enrolled in the system.
It was difficult to make sure that important case data was gathered without running the danger of being lost or jeopardizing confidentiality.
Project Goal
- Enhance employee motivation and performance through a digital reward system.
Solution
As a part of the project, we used Blockchain technology to create a digital money system. We used the Blockchain system because:
- The system is tamper-proof and immutable.
- The system is decentralized and distributed.
- No central authority is required to verify the transactions.
- For organizations with many employees, role-based access can be provided to case reports to the response team of an organization.
- The system is scalable and can handle a large number of transactions.
Further, we decided to use a private Blockchain network instead of a public Blockchain network because of the following reasons:
- The system can only be used by the employees and the retail stores.
- The system can only be used for making payments and not trading.
- It ensures that the transactions from the employees of one company should not be visible to the employees of another company.
Business Impact
- Redeem Digital Money: The solution empowers employees to redeem digital money from their loyalty points, enhancing overall satisfaction and engagement.
- Transfer Digital Money: It facilitates the seamless digital money transfer by employees to affiliated retail stores, streamlining payment processes and fostering collaboration.
- Receive Digital Money: The Blockchain solution enables retail stores to receive digital money from employees, promoting a flexible and digital-friendly payment ecosystem.
- Settle Digital Money: The platform concept by Tntra empowers retail stores to settle digital money transactions in real currency efficiently, optimizing financial operations and promoting financial fluidity.
Features
Look at the top features our developers incorporated into the solution
Distributed Ledger Technology
The solution employs a distributed ledger that securely stores transactions within a Blockchain network. Multiple nodes maintain identical copies of the ledger, ensuring updates across all nodes when transactions occur. This tamper-proof system enhances transaction verification and prevents double-spending.
Wallet
The application features a digital wallet for storing digital money. Accessible via mobile, this wallet streamlines payments for employees at retail stores, providing a convenient and efficient means of utilizing digital funds.
Tntra Diamond
Tntra's Diamond is a comprehensive approach to helping enterprises manage the constant interplay between Business Process Reengineering and Digital Transformation. Tntra’s domain specific methodologies lead to software services for mature systems and software product engineering for new requirements, further transitioning to a managed service model to ensure stability and scale.
Tntra's Diamond enables the enterprise to stay ahead of the transformation curve, while at the same time ensuring optimal business processes to meet the needs of the new economy.
Lead the way in Manufacturing with Tntra's IoT Solutions.
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