Civic Captures Partnerships With 12 Companies To Take Blockchain ID Functionality To Vending Machines
Civic Inks New Deal To Bring Blockchain Based Identification To 1000 Vending Machines
Civic is a blockchain based Identiy solution providerstartup which has recently showcased its Beer selling automated vending machines at this year’s South by Southwest (SXSW). Now the company has announced that it has partnered with 12 major automated retail companies which include names like AAEON, AR Systems, Fastcorp Vending, Global Vending Group, greenbox Robotics, Invenda, IVM, IVS, Retail Automated Concepts, SandenVendo, The-Venders and Wemp.
The partnership with established businesses is being done in an effort to bring the blockchain based automation to masses. Vinny Lingham, the CEO of company said,
“Vending machines represent an introduction to the mass market, where people can see how digital identity functions in the real world, as well as opening up an entirely new market for automated retail,”
The 12 partners of Civic controls over a million internet powered vending machines, and with Civic’s identity solution, the company is starting its first phase of installments where more than 1000 machines would use the company made blockchain powered identitification solution. Since drinking laws need the consumers to carry an identification of their age, selling beers through vending machines was not really a viable option.
The Beer vending Machines Would Make Use Of Stable Coins To Avoid Price Volitiy Related Complexities
Civic’s identification system levarages blockchain technology to ensure agility of the network and thus consumers can make crypto payments for their beer. However, it is being specualted that Civic would add Gemini’s GUSD in the Civic Pay app (and perhaps others, later). The main reason for using the stable coin could be because most of the cryptocurrencies are volatile which makes it quite complex for the system and users to comprehend the changing prices. Instead, all the payments to the merchant will be paid in stable coins and a much lower transaction fee compared to traditional payment portals.
Lingham, the CEO at the firm said that the use of stable coins would save merchants 70-80 percent in transaction fee. While Civic still might have to pay the credit card fee, but the charge back risk will be a lot lower since the users are already verified. However, Civic refused to provide any information on the timeline of stable coin deployment on the payment app. Lingham explained,
“For non-age-gated products, the vending machine industry is dying for a cheaper, faster transaction. Our risks are substantially lower than a vendor taking a credit card transaction,”
Blockchain Based Identification System Have Many Use-Cases Beyond The Beer Vending Machines
While Civic has started its system implementation with beer vending machines, the company plans to expand it to Tobacco, alcohol and hemp-related products in later stages. Civic made Identification system has the potential to expand its legs to a very large untapped industry making use of some form of identification in its consensus. The main reason that can push the technology to a broader market is its low transaction fee, which has been the dilemma of vendors and merchants for quite sometime now.
The untapped identification using market does not necessarily have to be age centered, as the system can find use in many other sectors like asthma medication, insulin or prescription antihistamines) that require identity verification. While today a consumer needs to go to a pharmacy store or window, but with the Civic’s system, the identification can be made much simpler where people won’t have to carry physical identification, as their info would be saved in the public ledger.
Civic is also scheduled to demonstrate its application at the National Automated Merchandising Association’s NAMA Show in Las Vegas from April 24–26. Mike Weiser, SandenVendo’s CEO, and the president whose company controls over 800,000 machines.said in a statement,
“The vending machine market is flourishing and being the first to adopt industry-changing technology is critical to providing the best user experience.”