Hedera Hashgraph Blockchain Being Used to Prevent Coupon Fraud
According to a Forbes report published on April 27, 2020, non-profit platform Coupon Bureau is set to adopt Hedera Hashgraph’s blockchain to mitigate risks associated with coupon fraud.
Hedera Hashgraph Blockchain to Tackle Coupon Frauds
Coupon Bureau, an industry-managed coupon data exchange platform that comprises retail giants including Target and General Mills, among others, is leveraging Hedera Hashgraph’s distributed ledger technology (DLT) platform – Hedera Consensus Service (HCS) – to provide a real-time, tamper-proof log for all coupon events sold on the platform.
Notably, the blockchain-powered platform will enable coupon providers, manufacturers, clearinghouses, and retailers to validate as and when they are registered and redeemed. This will eliminate their dependence on any third-party for legitimate verification.
The use of DLT to curb rampant frauds associated with coupons showcases yet another novel use-case for the malleable technology.
Speaking to Forbes contributor Darryn Pollock, Brandi Johnson, CEO, Coupon Bureau, said:
“The challenges that the coupon ecosystem has faced over the last 10-years are related to lack of security and trust, as well as a not having an agreed-upon centralized solution or real-time validation of offers. The result is an insecure promotional tool (8110 barcode), and a whole host of siloed mobile coupon solutions that are not retailer agnostic.”
“The way DLT and blockchain will be able to help is through providing a secure, agnostic audit log of all coupon redemption that is available to all connected stakeholders. In this new solution, Hedera will provide the backbone for the logs through the Hedera Consensus Service.”
Clearly, the use of DLT in tackling frauds related to coupons is a testimony to the potential of the emerging technology is reshaping the infrastructure of myriad industries across the globe.
Hedera Hashgraph Gaining New Grounds
Decentralized DLT network Hedera Hashgraph wants to extract and distribute the benefits of blockchain technology without its infamous scalability trilemma which includes scalability, speed, and security.
Launched in September 2019, Hedera Hashgraph uses the proof-of-stake (PoS) consensus algorithm to execute and verify transactions on the blockchain network.
Previously, the blockchain project had announced the addition of IBM and Tata Communications to the Hedera Governing Council to guide the growth of the Hashgraph distributed ledger.