We have all heard about this…the Post It being created from a failed 3M effort in creating a super-strong adhesive, the microwave oven…invented from a scientist fiddling with a microwave-emitting magnetron and even Play-Doh…born from a paste to clean filthy wallpaper…all successful consumer products born “by accident.”
Well, Peter J. Burns III is now in the middle of “marketing and monetizing” a Utility Token (www.hi-tek.io), as a unique payment method for the travel industry…the first and only such Token in the world. By successfully bringing in an extensive travel booking engine platform to his Vietnamese partners and facilitating the acceptance of that Platform in using the “Travel Token” as a new method of payment for those travel services offered….Peter J. Burns 3 quickly realized the far-reaching uses of this unique payment offering.
This “Travel Token” has many as-of-yet unheard of properties in the “Wild West” of crypto. For instance, every “Travel Token” sold (offering price of $.10) is fully secured for the purchase price remitted in a secured escrow account, used to make immediate settlement (with the booking engine provider) of the travel purchased with the “Travel Token,” when presented. Each “Travel Token” is immediately redeemable in the equivalent value of highly discounted (20%-70% of best Net rates) travel options at 1 million hotels around the world, airfare, cruises and auto rentals. The current nature of the crypto world is to “sell a dream, “ with no substance backing up that dream. However, our “Travel Token” has a definable and secured value for every Token sold…period. Peter J. Burns III states that in 2–3 months time, the Company’s own Exchange will be functional, allowing the unused Tokens to be redeemed for fiat (cash) or even into other select cryptocurrencies like Bitcoin…at the current price (never less than bought for) of the Token’s value.
Therein lies the “spark of innovation,” that Peter J. Burns III alluded to in the opening paragraph…the “Travel Token” can well be successfully utilized in many more interesting ways. The benefits of a merchant accepting this Token are multi-fold: onerous “merchant fees” eliminated, an immediate settlement made to the vendor, no “chargebacks”-ever and a full Blockchain accounting of each transaction. What does this mean for other uses? Well, let’s take a look at the Cannabis industry…
Here you have a “cash only” ecosystem that prevents dispensaries and growers from accepting anything but cash from their clients because our Federal Government prohibits the use of any banking for the Cannabis business. Likewise, VISA and MASTERCARD prohibit the use of their credit card platforms for processing Cannabis transactions. Certainly, one has heard of a handful of small Community Banks and Credit Unions trepidatiously venturing into accepting Cannabis-related bank accounts but these are few and far between and subject to losing their charter any time the Feds deem it so. Likewise, certain Cannabis purveyors play the “Artful Dodger” with VISA and MASTERCHARGE claiming that their merchant accounts are “florists” or other acceptable SIC Codes in an effort to circumvent the giant processors’ requirements. However, upon discovery (which always happens) the Cannabis company risks being TMF’d by their bank and of course, VISA/MASTERCARD for up to 10 years and even “visited” by Homeland Security as a “money launderer” and possibly jailed. Worth the risk? Certainly not. (www.cannabizinsiders.com)
Well, one of the “unintended consequences” of introducing the “Travel Token” and state of the art technology with fully compliant (KYC) eWallets and a streamlined process of instantaneous processing and “cash conversion” makes the Token an ideal solution for the Cannabis industry…merchant and client alike.
One can acquire the Company’s eWallet (for free) and purchase their Tokens via any payment methodology (credit card, bank wire, etc) and then transfer these Tokens as payment to the eWallet of their favorite dispensary or grower (in case of sale between grower and dispensary) for an instantaneous transaction. The dispensary receives full payment, sans merchant fees (save for a modest .5% transaction fee), there is no chance of a chargeback, the settlement is instantaneous when converting to fiat (or other cryoto) on the Exchange and best yet…it is fully compliant with the law and 100% transparent because of the Blockchain.
In a series of ensuing blogs, Peter J. Burns 3 am going to explore all of the interesting uses of this unique “Travel Token” as one of the most innovative payment gateways on the market today. Reach Peter at firstname.lastname@example.org with your questions and suggestions of how each of us might collaborate.
Learn about Peter J. Burns III’s entrepreneurial journey and “(Ad)ventures in Capitalism” at peterjburns3.com.
Note: Previously published by Peter J. Burns III on Medium (2018)