GOZO: Tokenize your loyalty reward points; travel life

September 25, 2018 2:32 pm


Airlines, hotels and just about every virtual or physical retail site promise to reward us for our patronage, and the more we spend the more points we earn.

The only thing is that many of us are lost in the sea of points, using some but losing most of the promises we were made down the drain, as we do with pocket change.

GOZO, the industry-first blockchain-enabled multi-token crypto wallet, loyalty reward points clearinghouse, and travel club, promises to change all of that.

GOZO is money in your e-wallet, to do with as you wish.
In an exclusive interview with AMEinfo, Ziad Nassar, Co-Creator, discusses key insights behind GOZO’s revolutionary travel/leisure concept promising to sweep the globe.

Read End of things: Cash, exchanges, banks, governments, defunct soon

What is GOZO?

Gozo’s simple and consumer-friendly interface allows users to harness the power of blockchain to track and exchange valuable loyalty reward points into crypto tokens or even local fiat currency.

Loyalty points could be exchanged for air miles, gifts, car rentals, online and offline store purchases, or additional perks like seat upgrades and VIP lounges when traveling.

Businesses can as well customize the GOZO tokenized reward platform to fit their loyalty reward plan for their customers, providing the business with greater network efficiency, consumer transparency, and ultimately overall cost savings and reduced financial liability.

In 2016, Nassar, who has been involved in crypto marketing and investment solutions as early as 2013, saw in blockchain a paradigm shift affecting many industries.

“We looked at running a project with a sound revenue model, looking to bridge the common person to blockchain in a rewarding way, pun intended,” says Nassar.

“I traveled all my life, and many people love to travel. It’s a multi-trillion dollar industry and by 2020, digital travel outlays, which include leisure and unmanaged business travel sales booked via any device, will top $817 billion globally, so that sector was a natural decision for us.”

Exclusive: Digital wallets for underbanked ripe for business

GOZO: Ultimate go-to solution

Loyalty reward companies file these points under their ‘liability provisions’ and are motivated to get rid of them, doing so by providing mechanisms where customers can convert their points, for example, to buy an Amazon gift card, book a movie or rent a car.

Nassar and co-founder Roy Labban looked at the loyalty reward market and noticed that a lot of people had collected travel points but only a few of them were fully using them.

“As we did our research, there was around $360 billion worth of unused points sitting around, so we initially thought to translate that into a free vacation using blockchain as a DLT platform,” explains Nassar.

So here you have points on different platforms, with members often on more than 20 loyalty programs, having $50 here, $76 there, but none with enough points on their own to book a flight or earn a free night at a hotel, for instance.

“But GOZO now enables the aggregation of all these points, which then can be liquidated into a token, enabling owners to transact, trade, transfer, book a hotel, or take a vacation and build a lifetime of memories which until then were lingering, scattered, unfulfilled,” adds Nassar.

Hetachain 3rd gen blockchain tech and ICO launched in Dubai

How to use GOZO

GOZO easily shows how you can create a multi-currency crypto wallet which supports not only Bitcoin or Ethereum but also 100+ cryptocurrencies, and the wallet then allows you to store the GOZO utility tokens.

GOZO tokens, currently valued at 2 US cents, can be used to redeem thousands of loyalty points in seconds but also to exchange them for digital currency, if one chooses to do so.

 

Cryptos: The next price is anyone’s guess but are they here to stay?Graph: Gozo platform

“We built a ‘clearinghouse’ so we can tie-in into entities like hotels and airlines and create partnerships that allow anyone to connect into these entities directly and liquidate those points into GOZO tokens,” clarifies Nassar.

GOZO tokens can be stashed as they appreciate in value when more mass adoption takes place.

For around $20 a month, users can also enjoy GOZO private club privileges giving them wholesale access to hotels, car rentals, as well as travel insurance, airport lounge access, and easy ability to book flights using GOZO tokens.

Read UAE, Saudi, elevating their game with crypto and blockchain

GOZO business objectives

According to Nassar, the company aims to build mass adoption, looking for 1 million installations of the GOZO App from launch, in a year’s time.

“We are building the prototype and we should be done in a month or two. By the beginning of next year, we will launch the application on the App Store, Play Store and so on,” announces Nassar.

Currently, the company is focusing on the travel industry and raising contributions from a private sale at 30% discounts, looking at institutional investors for the initial tranche, pre-ICO, and attending global shows, pitching the idea in the US, Europe, and Asia.

Read McAfee Labs: Cryptocurrency mining surge continues in Q2

Nassar said they have lowered their initial hard cap to $16 million, now published in version 2 of their whitepaper, after re-evaluating current ICO market, extremely successful ICODrop and Bounty Campaign and a reduction of capital outlay from five to three years.

The market is very volatile, and a lot of people are coming in, as the underlying tech is revolutionary.

“We invested our own money in devising this company and we raised $750,000 in seed money from people who believe in our idea and us. They understand it’s the future,” said Nassar.

“Major cities like the UAE and Saudi are great places to market and launch our project there. There are two ‘block shows’ we are planning to attend; one in Riyadh and the other in Dubai. The product will be global, but we need to be able to ramp up and cost share where our partners are like Air China, and their loyalty programs or Emirates Airlines, for example.”

for more info, visit www.gozo.io

Follow AMEinfo on Facebook , LinkedIn, and Twitter , and subscribe to our newsletter at the bottom of this page.

Tags:

Hadi Khatib
By Hadi Khatib
Hadi Khatib is a business editor with more than 15 years' experience delivering news and copy of relevance to a wide range of audiences. If newsworthy and actionable, you will find this editor interested in hearing about your sector developments and writing about it.



AMEinfo EXPERTS