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Experts predict that the blockchain market will grow around $20 billion USD every year and continue to do so until the end of 2024. Blockchains were initially used to secure transactions, but are now expanding rapidly into areas such as decentralized finance (DeFi), healthcare, telecommunications, transport and retail. It comes naturally that enterprises and smaller businesses will start to look at how they can employ the blockchain to their advantage. Currently, multiple blockchain ecosystems are starting to focus on next-generation consumer applications. One such ecosystem is Phoenix Global.
There are several advantages to using Phoenix Global:
Better customer experience
Blockchain can track passenger’s luggage as data of each transaction is available at every node, solving a big issue with international travel. This tamper-proof blockchain system proves the traveler’s identity more easily, preventing travel delays and lowering transaction costs. Phoenix Global enhances the privacy of customer data by integrating blockchain with the AI technique of Federated Learning.
In the retail industry, convenience fees for payment gateways increase the transaction costs. Since blockchain is a decentralized system, there is no intermediary between the transacting parties.
Global digital payment system
Blockchain allows for secure, fast, and hassle-free payments across borders. Such an efficient payment system can revolutionize the service sector.
Worldwide, Phoenix Oracle adeptly links consumer applications with external data centers and the network. Phoenix Global’s native token is PHB, which runs on the Binance Smart Chain (BSC). At the time of writing, PHB has a market cap of $22 million USD, with a limited supply of around $3.3 million USD and an annual inflation rate of 10%. With strong use cases and plans for future token burns, the PHB token has the potential to appreciate in value.
Customer Loyalty and Reward Systems
Businesses can create customer reward programs based on crypto tokens, which will help the retail industry thrive. For example, customers can receive a commission depending on the volume of cryptocurrency they trade on the retail DApp.
In the same way, the tourism industry can also innovate blockchain-based loyalty programs. For instance, the Phoenix Global platform has an in-built incentive method for stakers of the liquidity pool.
Travel and Retail DApps Pilot on the Phoenix Global platform
Spring Airlines (a popular, low-cost Chinese carrier)
Spring Airlines had a pilot that could reward points, cross-industry upsell, and allow federated learning on the Phoenix Global platform. Because it was a success, the system proved to be of economic value.
Shanghai Big Data Exchange (a leading B2B and B2G marketplace)
The Phoenix Global platform tested cross-enterprise federated learning in this pilot program, where Shanghai Big Data Exchange received 3 out of 5, meaning that the incorporation of the new technology demonstrated some areas of value. Federate Learning are among the most requested use cases that Phoenix Global has encountered, and this could stem from the increasing popularity of AI applications.
Blockchain technology has much to offer to the travel and retail industries. It adds to the customer experience, using a secure and easy global payment system, faster and cheaper transactions, and newer reward programs. Currently, the Phoenix Global blockchain is undergoing beta testing, highlighting its functionality for the travel and retail industries.