Coin Spotlight: Tael

The first fair reward for consumer contributions in an ecosystem of safe and authentic products.

Tael is a blockchain-based loyalty program built on top of the Techrock ecosystem.

What is Techrock?

Techrock is a platform for consumer products protected from counterfeiting using proprietary technology and is heading an ecosystem in which the Tael tokens are being used. The company, formerly known as Walimai, has developed a proprietary authentication technology based on NFC/RFID labels (in combination with unique, dynamic codes) and the Hyperledger blockchain. The labels are used to seal products to assure authenticity on both a physical and digital level.

Techrock Marketplace on WeChat.

Techrock built a marketplace on China’s WeChat application that both sells (B2C) and supplies (B2B) authentic products. With the rising concern of food safety and counterfeit merchandise, they have provided a channel that rallies behind the consumer demand for safe, vital products.

What is Tael?

Tael, formerly WaBi, is the token that consumers are rewarded with for performing a number of tasks. This includes using the labels to verify a product’s authenticity, referring others to the Techrock platform, taking advantage of promotions and discounts, and more. Consumers are encouraged to “touch” a product’s label to verify the product’s authenticity and track its journey throughout the supply chain making Tael a part of their normal purchasing habits.

Tael tokens act as loyalty points and can be used to pay for subsequent purchases. When the tokens are redeemed as a discount, brands/merchants can decide to hold and use the Tael or allow them to be automatically and immediately sold on the exchange.

Brands and merchants can process their Taels in three ways:

Hold Tael for as long as they would like to benefit from the market. Sell Taels instantly on the exchange to avoid FX exposure. Utilize the Taels in further marketing campaigns.

The net demand for Tael increases with every new consumer joining the ecosystem.

At a later stage in development, Taelpay will process payments of Tael and will become interchangeable with different platforms where they can be used as loyalty points. The goal is to have Tael be used on as many platforms as possible and eventually becoming a method of payment in everyday stores in China and other countries.

Coinplan is very excited to feature Tael because they are directly impacting the supply chain ecosystem by combating counterfeit products and making the journey from source to consumer transparent. Tael has seen increased demand and growth and has ordered 300,000 anti-counterfeit labels to combat China’s demand for authentic goods. Techrock has also been included in the Hyperledger collective joining the ranks of Alibaba Cloud, Deutsche Telecom, Citi, and others for the advancement of cross-industry blockchain technologies.

You can view WABI inside Coinplan’s Supply Chain Sector Portfolio here.

To learn more about Tael, please take a look at these helpful links:

Tael Website

Tael Telegram

Twitter

Blog

Note: for simplicity and understandability’s sake, the terms Tael & Shijifen are occasionally used interchangeably. Please read about the specific usage of both terms in the linked article to avoid confusion: