In recent years data has become a saleable commodity that is regularly traded to improve services for customers. However, since it holds some value, it needs to be bought from custom retailers spaces in some way, especially since the inception of the data protection protocols. One way to buy data is to join URP.
Not only are blockchain currencies growing in popularity, but the commercial infrastructure for them is also starting to appear. Companies that use blockchain technologies for payment methods or sell digital projects on the blockchain can now provide rewards and encourage more customers to sell their data.
The Universal Reward Protocol began life back in 2015, but has only become a truly viable option since around 2020. If you have some top retailers space available, you might benefit from investing in the URP project and offering additional value to your customer base by simply visiting the online store.
What Is Universal Reward Protocol?
Universal Reward Protocol (URP) is a blockchain protocol that allows retailers to reward shoppers for visiting the store and other digital behaviors. In exchange for data sharing, retailers can offer rewards that can be redeemed through exclusive and personalized offers based on shopping data from stores.
A blockchain token is a unit of currency that sits on its own blockchain. A reward token can be used to make blockchain investments, earn interest on cryptocurrency, and lots more. The URP is a fantastic opportunity to reward shoppers with blockchain tokens for their online actions and shopping habits.
Since the inception of the URP project, companies that use blockchain services or offer blockchain projects can now provide attractive cryptocurrency rewards to customers in exchange for valuable data. Customer data is then used to improve the bottom line by selling data and optimizing products.
A Short History Of Universal Reward Protocol
The URP system began in 2015 on the back of research carried out by Ecole Polytechnique, a leading engineering school in France, and UC Berkeley. The Occi product was then developed in partnership with Auchan and other global distribution groups. There were then further investments made in 2016.
In 2017 a significant contract was signed with Carrefour, a major hypermarket chain. The network went live, and over 100,000 square meters of prime retail stores signed up. In 2018 there was token development and retail expansion to 500,000 square meters of space. There was then a token sale.
In 2018 and 2019, there was further development of the URP infrastructure and integration with the Occi product. The URP was also rolled out and adopted by more retailers. The Universal Reward Protocol was further tested, and marketing campaigns were set up to improve the product and deliver on targets.
2019 also saw the official launch of URP tokens in conjunction with the Occi product. The rewards protocol was further bolstered by more apps that joined the protocol. There was expansion into global markets such as China, Russia, Europe, North America and South America, and this healthy growth is continuing.
How Will Universal Reward Protocol Benefit Shoppers?
Data is now a global commodity, and it was only a matter of time before retailers had to provide something in return for their data gathering. The URP is a rewards program that was inevitable in some ways, but it is beneficial to both retailers and shoppers who are rewarded in a number of key ways.
Of course, retailers will benefit from customer data gathering as they can use the data to optimize products and refine their commerce systems. On the other hand, the shopper earns reward tokens that they can redeem through shopping behavior and benefit from personalized offers during store visits.
Not only do retailers use customer data to improve their products, but they also use it to create better blockchain-based protocol products. These include URP tokens based on multiple behaviors, proof of behavior, and other corresponding data. plus, URP gives customers complete control over their store data.
URP’s Board Of Advisors
The URP team has an impressive board of advisors that is headed up by the former CEO of Catalina Marketing for the European region, Thomas Wolf. He has substantial experience in the retail sector and is supported by a strong URP team of former retail directors from around the world.
What does URP get from shoppers in return for their reward tokens?
The Universal Reward Protocol is a system that allows retailers with a blockchain infrastructure to collect and share customer data by rewarding them with blockchain tokens.
When a customer consents to the URP, they allow the company to collect and share their online data in exchange for rewards tokens. Companies can then use the customer data to earn revenues by sharing it through channels.
How is URP protecting users’ data?
The URP protects shopping data by aligning with conventional data protection policies such as GDPR. But there’s more; URP is developed on the public blockchain to ensure full transparency.
The URP also uses Smart Contracts to ensure that shoppers’ opt-in data is protected. The system is fully automated and secure, since customers’ opt-in and URP tokens are released, but data isn’t published on the chain.
Which kind of blockchain does URP use?
There are three main types of blockchain available. There is a public blockchain without any authority, a private blockchain with a single authority, and a hybrid blockchain that has an authority along with some permissionless access.
URP operates on the public blockchain, but the data isn’t published there. In fact, all customer rewards obtained through the smart contract remain private in the retail industry.
Which companies have partnered with the URP project?
The URP is the best match for a variety of companies that want to reward customers for their interaction with the business automatically.
Any business that offers a cryptocurrency payment option or a blockchain digital product can use the Universal Reward Program to improve its bottom line by offering a token sale to customers. And as mentioned above, around 500,000 Sqm of retail space is signed to the URP project already.