new to campus

University of Houston upgrades to contactless market technology

Contact-free market shopping has come to campus at UH. Photo courtesy of UH

A convenience store on campus at the University of Houston just got a little more, well, convenient — and a whole lot safer.

UH and its dining services partner, Chartwells HigherEducation, have partnered with tech company Standard to upgrade the check-out process of convenience shopping. The technology is easy to install and can retrofit any convenience store to a contact-less process.

"Students' tastes change constantly, and we're well equipped to handle that. But their shopping preferences evolve too, and we want to continue providing new and unique shopping experiences that are unexpected on a college campus," says David Riddle, vice president of operations for Chartwells Higher Ed, and district manager for UH System Dining, in a press release. "This is the future of shopping, and with autonomous checkout through Standard, we've made it as easy, safe and convenient as possible for students to come in, get what they need, and go."

The store, called Market Next, is located at UH's Technology Bridge and opened earlier this month. Enabled by cameras and easy-to-use scanners, the store operates 24 hours a day and is also designed for quick service for students on the go. The fastest shopping trip recorded by Standard is 2.3 seconds.

"Market Next is the first retail store in the world to be retrofitted for a 100 percent cashierless, checkout-free experience," says Jordan Fisher, co-founder and CEO of Standard, in the release. "Our platform is the only system on the market proven to retrofit an entire retail experience. Innovative retailers like Chartwells use the AI-powered Standard platform to enable shoppers to grab any product they want and simply walk out, without waiting in line. We are excited to partner with Chartwells to deliver this groundbreaking technology to more locations around the country."

Chartwells is working with Standard to bring more of these stores across the country — as well as more itterations on the UH campus.

"Checkout-free technology is an innovation that will make our students' lives a little easier and a lot safer. This is the new standard for campus safety that is important to students today and for the foreseeable future," says Emily Messa, associate vice chancellor and associate vice president for administration at UH, in the release. "That's why we will plan to convert additional Market stores on campus to this technology in the coming year."

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Detractors are suspicious of the anonymity that comes with blockchain technology. Supporters say it's exactly the point. Photo via David McBee/Pexels

Interest in cryptocurrencies reignited during the pandemic, driven in part by trillions of dollars in stimulus money that left many investors with “free money” to put to work. And while bitcoin recently tumbled nearly 55 percent from its peak, it remains the most valuable crypto asset in the world, with a market capitalization of around $589 billion. Its investors argue that it’s still a safer bet than stocks during this period of economic upheaval.

A renewed interest in cryptocurrencies — digital currencies that rely on blockchain technology, in which transactions are verified and records maintained by a decentralized system that uses cryptography — is widespread. Large corporations like Tesla, Mass Mutual and KPMG Canada have announced plans to hold cryptocurrency assets in treasury or accept them as payment. Meanwhile, major financial institutions are offering customers more digital asset investment options. Twelve years after bitcoin’s birth, mainstream investors are honing in on the currency, too.

In the midst of this market fascination, a fundamental question still remains. What exactly is cryptocurrency, and why should we care? And what about other industry buzzwords, like blockchain, decentralized exchanges or non-fungible tokens (NFTs)? Are they all just fads that will fade away?

Some have called cryptocurrency a Ponzi scheme, a tool for illicit activities, or a short-term fascination that will be irrelevant in a few years. It’s an understandable mindset, since there’s no intrinsic value in cryptocurrencies — not unlike the U.S. dollar after it stopped being backed by gold in the 1970s. But it’s also a shortsighted one. Blockchain technology, which allows users to exchange information on a secure digital ledger, is extremely useful because it automates contractual arrangements through computer programming.

I’m a firm believer that cryptocurrencies and the blockchain technology that underpins them are here to stay, and understanding how this technology has transformed our environment, and how it will continue to evolve, is critical to succeeding in business.

First steps

Bitcoin took the first major steps towards a truly electronic cash system in 2008, in the midst of one of the worst financial collapses of all time. Governments worldwide were bailing out financial institutions that had been deemed “too big to fail.” Perceptions of economic inequality spurred movements such as Occupy Wall Street, which was fueled by a distrust in banks.

Bitcoin, on the other hand, wasn’t created by a trusted source — in fact, no one knows exactly who invented it. In a 2008 white paper, “Bitcoin: A Peer-to-Peer Electronic Cash System,” Satoshi Nakamoto — the pseudonymous individual presumed to have developed bitcoin — described the currency as a way to securely facilitate financial transactions between parties without having to involve a central intermediary. No longer would people have to put their trust in the large financial institutions that failed them during the financial crisis.

Detractors find the lack of a central authority with blockchain worrisome, but proponents say it’s exactly the point: You no longer have to trust the person or institution you’re dealing with. You only have to trust the algorithms that run the program — and presumably an algorithm will never run off with your money.

Instead, blockchain enables a cooperative of members to run the shared network ledger required to keep track of a currency’s credits and debits. No one can shut down the system so long as a group of computers anywhere in the world is able to connect to the internet and run bitcoin’s software.

Because of bitcoin, today we can uniquely own digital assets and transfer them with the certainty that people can’t spend the same cryptocurrency twice. The transactions that bitcoin-like applications make possible are registered in permanent and immutable digital records for all to see in a common ledger.

By enabling fast and easily verifiable transactions, blockchain technology is also streamlining business operations in banking, supply chains, sustainability, healthcare and even voting. Development in these sectors and others is continuing at an intense pace. Annual global funding of blockchain projects now runs in the billions of dollars. From 2020 to 2021 alone, it jumped from several billion to nearly $30 billion.

Second generation

Since bitcoin’s arrival, we’ve seen a second, more sophisticated generation of cryptocurrencies evolve, with Ethereum as their flagship. Ethereum has its own programming language, enabling users to write and automate self-executing smart contracts, allowing for the creation of tokens for a specific use. For example, imagine that when Uber was founded, it had created an Uber token, and only people who owned Uber tokens could use the rideshare service. Tokens currently power thousands of decentralized applications that give people more privacy and control in a variety of areas, such as internet browsing, financial services, gaming and data storage, among others.

Some critiques of cryptocurrency remain. One growing concern is that cryptocurrencies require a significant amount of energy to run their networks, leading to higher transaction costs, energy waste and limited scalability. Newer cryptocurrencies are attempting to find ways to verify transactions that require less energy.

Some people also worry about ongoing volatility in cryptocurrency markets. A third generation of cryptocurrencies has emerged to address this concern: so-called “stablecoins,” which are pegged to a government-issued currency, a commodity, assets, or basket of assets. For some, stablecoins are serving as an onramp into the world of crypto from the world of traditional finance.

Before a new technology becomes part of everyday life, we often see a long period of development, improvement and consumer adoption. Cryptocurrency and blockchain markets are still in this early development stage, but they’re also moving quickly into the mainstream. The total market capitalization of cryptocurrencies late last year briefly reached the $3 trillion mark, or roughly 15 percent of the U.S. GDP, and there’s been more than $100 billion locked into decentralized finance applications.

Large companies like IBM, Amazon and Bank of America are leading the way by tapping into blockchain technology in their daily business activities. It won’t be long until this market, previously characterized by speculation and wild volatility, will be transformed into a stable infrastructure framework. But companies need to get up to speed on the industry now. Those that commit to doing so will be the ones that thrive.


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This article originally ran on Rice Business Wisdom and was written by Manolo Sánchez, an adjunct professor of operations management at the Jones Graduate School of Business at Rice University.

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