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The Netherlands is growing rapidly in the Fintech space, especially in blockchain and cryptocurrencies. As per industry experts, the day is not so far, when the blockchain technology-based payment platforms will take over the bank-based transactions. The technology definitely makes transactions simpler and faster.
Following on the same lines, a Dutch company has launched a blockchain-based payment app Bitz for social events. The startup led by Andres Elizondo as CEO, Jeroen van der Harst as CFO and Matias Puletti as the startup’s CTO uses Ethereum Blockchain. Founded in 2018 in Amsterdam, Bitz introduces a digital coin, powered by the blockchain, to replace plastic tokens at festivals and other social events in The Netherlands and Europe.
By digitalizing plastic and papers tokens, Bitz creates an easier, faster, and more secure experience while paying at these events. Bitz provides a free and open payment platform, based on blockchain technology. It distributes crypto-tokens to users and offers the latest tech in analytics and business intelligence to organizers.
Now it is a part of three-month incubation program where Bitz joins startups from other countries including Israel, Poland, the Netherlands, Italy, Finland, Spain, Bulgaria, the United Kingdom, Croatia, and Germany.
Each startup has got a funding of €15,000 with an exclusive access to Startupbootcamp partners like Vodafone, Schiphol, PwC, Unica, Sandd, Amazon, and Cisco.
Andres Elizondo, Technology Director at Bitz stated: “We strongly believe that by digitalizing plastic and papers tokens, Bitz creates an easier, faster, and more secure payment experience. We want to develop and make our idea grow to create a big impact in the digital payments market, especially since we are front-runners in blockchain technologies. Entering Startupbootcamp’s Smart City & IoT program will help us to scale and mature our business. The value of the mentors and contacts in their network will definitely help us to reach our goals faster.”
Here today at Silicon Canals, we take a look at what’s special about Bitz and the advantages of blockchain-based payment app.
#1 Secure and fast transactions
For e-commerce merchants, Bitz aims is to simplify payments during social events by letting event hosts accept payments via a fully hosted Ethereum-Blockchain solution.
On the other hand, attendees can buy anything during their favorite events by using the Bitz mobile app.
#2 Simplify payment hassles and queues
Bitz has the potential to change the payments culture in the Dutch events market as event organizers will be able to eliminate queues, human error, theft and can allow merchants to digitally accept payments.
#3 Save paper and ink
Bitz will replace paper and ink-based old school receipts with electronic receipts. Not only does paper receipts bloat your wallet but also costs the merchant way more than an electronic receipt.
#4 Reduced staff and no physical tokens!
Merchants will save cost due to a reduced need to have staff, infrastructure, and logistics of handling payments.
For instance, consumers won’t need to carry physical tokens or cash when going to events. With just a few taps of their smartphone, users can manage orders with friends without the hustle of splitting expenses through group wallets.
Splitting payments, managing group wallets, queuing, and redundant unspent tokens will become a thing of past as Bitz addresses these core problems.
Stay tuned to Silicon Canals for more tech updates.