Last year, duty free/travel retail sales amounted to about 63.6 billion U.S. dollars. Travel retail includes all sales made in shops located in duty free areas or any areas dedicated to travelers. By 2020, duty free and retail sales are expected to reach about 85 billion U.S. dollars.
According to IATA’s Global Passenger Survey, passengers want technology to give them more control over their travel experience, including more efficient security, less spending additional fees, and they are ready to go digital.
In April 2015, DutyFoundation brings an idea to solve mentioned problems via the blockchain technology onto tax-free markets. In order to achieve this, DutyCoin was designed as an innovative crypto currency bringing unity to the duty-free zones worldwide and aspiring to develop into a new country-independent and democratic market.
DutyCoin blockchain-based ecosystem brings following solutions:
- withdrawal of pointless fees travelers have to pay on the physical duty-free markets and online too (specially by credit cards)
- almost zero cost service in comparison with traditional service providers
- no foreign exchange fees
- no unwanted surveillance over your international payments
- higher level of information security than provided by any travel/airline industry all over the world
- privacy with zero chance of data theft
- faster transaction times achieved by cutting off banks and related delays in payments confirmation
- potential for airline industry, such as data logging, 3rd party suppliers, various airport services…
Because better is to see something once than to hear about it a thousand times, here is a video about the new cryptocurrency DutyCoin:
On November 28, an exclusive pre-sale of DutyCoins will be held. For more information follow @dutycoin on Twitter or here at official site: DutyCoin.org