GMO Blockchain Open Source Software project enters third phase
GMO Internet is launching its new Region Token, a program whereby municipalities and companies can issue their own tokens (points).
Blockchain technologies keep conquering new territories. GMO Internet Inc. (TYO:9449) has just announced the launch of the third phase of GMO Blockchain Open Source Software Project, introducing its new Region Token. The open source Region Token is a program whereby municipalities and companies can issue their own tokens (points).
Through storing processing rules of tokens in a blockchain without having to build a dedicated server for managing tokens and employing an administrator, it is possible to issue tokens and register shops as point service participants on the blockchain. The use of such a token is seen as a means for regional revitalization.
The Region Token is a token program which runs on the Ethereum platform. By using this program, municipalities and enterprises can easily issue and operate tokens that act as points that can be used within merchant’s affiliated stores.
GMO mentions a couple of advantages of the Region Token, the first being that it is compliant with token standard specification ERC 20, advocated by Ethereum, and the second being that it is unnecessary for the users to hold cryptocurrency (Ether).
In the blockchain, payment of expenses by virtual currency (Ether) is required every time some processing (recording) is done on the blockchain. However, it is not yet common for users and merchants to own and manage virtual currencies. As the service provider (such as municipality and shopping district in this case) can prepay the cost of recording in the blockchain collectively in Japanese yen, the user, the merchant and the municipality may freely use the point system without having to pay in virtual currency every time.
GMO Internet continues to develop new blockchain based technologies. In December 2016, the company started offering beta versions of Z.com Cloud Blockchain and ConoHa blockchain services. In July 2017, GMO Internet launched GMO Blockchain OSS, an open-source project enabling real service deployments.
GMO Internet also has a virtual currency exchange business – GMO Coin, which was launched in May this year under the name GMO-Z.com Coin.
