Today, I am speaking with Daniel Elsawey, CEO and Founder of Tidepay, and we'll discuss how businesses can incorporate blockchain technology to foster better engagement with their customers, suggesting a move towards more personalized, efficient, and engaging consumer experiences. We'll also discuss the potential of tokenization to redefine loyalty programs, improve transaction efficiency, and offer more versatile reward systems compared to traditional approaches. Tell Us About Yourself Daniel Elsawey, CEO and Founder of Tidepay, father of one soon-to-be two! Former Investment Banker, and now a passionate advocate for web 3.0 technologies. With a penchant for classic retro games and a commitment to HIIT training like P90x. Why Did You Start Tidepay? Recognizing a growing need to revolutionize traditional consumer engagement, I founded Tidepay to seamlessly integrate web 3.0 principles into businesses of all sizes. My vision is to empower businesses with cost-effective blockchain solutions, democratizing access to advanced technologies for enhanced consumer interactions beyond conventional rewards programs. In your view, what is the core concept behind tokenizing a business, and how does it fundamentally differ from traditional financial instruments? Tokenizing a business's consumer engagement platform expands its reach by offering diverse rewards beyond its core products or services. Unlike traditional financial instruments focused on ownership and cash flow distribution, tokenization of rewards leverages blockchain technology to enhance consumer utility and choice. How would you explain the process of tokenization to someone unfamiliar with blockchain technology? Tokenizing a rewards system involves backing traditional rewards with digital tokens, enabling users to access a broader range of offers across interconnected businesses without bureaucracy. This approach is aimed at improving the user experience and engagement within an ecosystem of complementary services. Can you elaborate on how Tidepay's tokenization model works for businesses, particularly in non-traditional sectors? Enterprise - where we customize everything for a client from the ground up and can even spin up their own protocol. SMEs (small medium enterprises) - we use our AI chatbot to ask the user questions about what they would like their rewards program to look and feel like, along with rewards, offers, and membership tiers with perks. We can even generate a logo and branding for them with a couple of prompts. We generate a token and create a liquidity pool for them and preview this to the user using our proprietary tech. Universal rewards (for businesses that want a supercharged stamp model) - we can add businesses to a universal rewards scheme where they can get better engagement and visibility in their local area to attract more business. What are the key benefits that tokenization can bring to a business? Tokenization drives heightened user engagement, fostering increased interaction and revenue streams beyond traditional purchase cycles. It enables businesses to expand their market share by delivering personalized experiences and value-added rewards, enhancing brand loyalty and consumer satisfaction. Can you discuss how tokenization might enhance liquidity for assets that are traditionally considered illiquid? Tokenization enhances asset liquidity by streamlining transactions through transparent, blockchain-based protocols. This increased efficiency reduces operational costs and accelerates the liquidity of traditionally illiquid assets, unlocking new opportunities for investment and value realization. How do you envision blockchain technology and tokenization impacting your industry in the next five years? In the next five years, widespread adoption of web 3.0 technologies will revolutionize businesses across all scales, particularly SMEs. Integrating blockchain-based consumer engagement seamlessly into everyday operations will drive consumer comfort and familiarity, offering unparalleled utility and speed in engagement. People use face recognition on their phones to unlock card payments but mostly are unaware of the tech behind it. It’s the ease of use and speed which is the selling point. How does Tidepay facilitate collaborations between different brands, especially in sectors like beverage, hospitality, and sports? Tidepay fosters collaborations between brands in complementary sectors, such as beverage, hospitality, and sports, through cross-promotional offers within its rewards ecosystem. By leveraging these partnerships, businesses enhance consumer experiences and attract new clientele, thereby increasing engagement and brand loyalty. We would like all our users to be thinking about something recreational and open the rewards app of our partners to check if there are tickets to a music event, or a football match or offers based on their membership for an exclusive weekend away. What are the main challenges or disadvantages a business might face when implementing tokenization? Implementing tokenization requires significant investment in technology, operational costs, and expertise in web 3.0 principles. These challenges can be daunting for businesses, particularly smaller enterprises. However, Tidepay aims to mitigate these barriers by providing accessible and user-friendly tokenization solutions. How can tokenization affect a business’ relationship with its customers or clients? Tokenization strengthens brand loyalty by offering consumers value beyond traditional transactions, fostering deeper connections and engagement. By diversifying rewards and cross-promoting offers, businesses can enhance customer satisfaction and perception, future-proofing their brand in an evolving marketplace. Which business sectors do you think can benefit the most from tokenization, and why? Tokenization offers benefits across various sectors, particularly businesses with longer purchase cycles seeking to boost brand loyalty and visibility. Sectors like hospitality, sports, and beverages align perfectly with tokenization's capacity to enhance consumer experiences and foster lasting relationships. Our first group of clients in hospitality, sports, and beverages fit that mold exactly. End of Interview Thank you Daniel for taking the time to speak with me and share your views and experiences within the context of business tokenization. It's not every day we get to hear such a nuanced take on these complex topics, especially from someone who's right in the thick of it all.

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The Token Economy: Reinventing Business Models Through Tokenization

Too Long; Didn't Read

Gabriel Mangalindan

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The Token Economy: Reinventing Business Models Through Tokenization

Too Long; Didn't Read

Gabriel Mangalindan

About Author

TOPICS

THIS ARTICLE WAS FEATURED IN...

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