The BitTag by Samuel Cox, a Creative Technologist at Belfast-, London- and New York-based rehabstudio, is a digital price tag that self-updates to show consumers the value of a merchandise in BitCoin. For those unfamiliar with BitCoin, it is "a peer-to-peer payment system and digital currency," as written on Wikipedia.
Slowly, BitCoin is being introduced in stores and the BitTag by Samuel Cox hopes to bridge the gap between traditional money and digital currency. Since the value of BitCoin fluctuates constantly quite like a stock, the BitTag connects to the Internet to display the right amount in real-time. It works with an accompanying iPad app. Cox states, "Being physical and therefore visible, [BitTag] will hopefully push Bitcoin to be accepted socially as a standard currency, decoupling it from its web roots."
Digital Price Tags
Self-Updating BitTag by Samuel Cox Shows Value of Goods in BitCoin
Trend Themes
1. Digital Payment - The BitTag invention suggests an opportunity for increased adoption of digital payment services, creating innovative payment solutions for traditional retailers.
2. Real-time Pricing - Real-time pricing is becoming increasingly more valuable and practical, prompting innovations for digital price tags and scanning systems for retail environments.
3. Blockchain Integration - Developing BitTag-like digital price tags could be beneficial for the retail and finance industries looking to integrate blockchain-based payment methods and cryptocurrencies for secure transactions.
Industry Implications
1. Retail - Integrating digital pricing solutions into brick-and-mortar stores provide opportunities for maximizing sales potential by adapting to customer behavior and reducing customer wait time.
2. Finance - Blockchain technology integration has the potential to revolutionize the finance industry. The BitTag is just the beginning of digital currency solutions for financial transactions.
3. Tech - Technological advancements will continue to enable real-time pricing and innovative checkout systems, opening up doors for enhanced shopping experiences.