Companies use vouchers to motivate their employees to access services, or buy goods provided by Registered Service Providers, called merchants. Vouchers are issued in the name of the applicant company (the Recipient), have no cash value and are non-transferable; they are only payable to the selected Registered Service provider. The company them sends/provides the issued vouchers to its employees; the company can send these vouchers to all employees, specific list of employees or employees based on their role/job category (e.g., sales personnel). The amount of vouchers, that are issued, are always backed by a stable equivalent value of crypto in order to offer transparency and guarantee the value of the vouchers. Indeed, when vouchers are issued for a company, they are paid by the company using a stable coin. The corresponding amount of the coin will be locked; it will be later on handed over to the merchant as exchange of the vouchers redeemed by the employees. A percentage of the amount will be paid as fees to the voucher provider. This amount can be a fixed percentage or any sophisticated fees computation scheme that can be implemented using a smart contract. For the current implementation we used a fixed percentage of the voucher value as fees to be charged by the voucher provider.
How It's Made
The project uses Ethereum's Smart Contract technology; using solidity we implemented the main smart contract that stores all processing and all information. We first came up with the idea, then after developing the algorithm and the workflow, we finally implemented it in solidity. Finally we tested the smart contract extensively on Remix - Ethereum IDE.