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Jeremy Frommer, CEO of Hedge Fund LIVE Jeremy Frommer has 20 years of industry experience and is currently responsible for general management and leadership of the General Partner. Previously, Mr. Frommer was a Managing Director and Head of the Global Prime Services Group (“GPS”) at RBC Capital... More
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  • QR Codes: The New Wave of Technology 0 comments
    Nov 18, 2010 12:47 PM

    Quick Response Codes, better known as “QR” Codes, seem to be the new wave in Today’s technology. It is a matrix (two-dimensional) bar code that was created in 1994 by Toyota’s subsidiary Denso-Wave, an auto components manufacturer, as  a way to track parts in vehicle manufacturing. It consists of black modules arranged in a square pattern on top of a white square background.

    Its purpose was later changed and included in convenience-oriented applications aimed at mobile phone users. Also known as “Mobile tagging,” the bar codes are placed in mobile and smart-phones with cameras, as the cameras are used to scan and read the data from the bar code.

    My first interaction with the QR code was through my blackberry device. I am a frequent BBM (BlackBerry Messenger) user, and am especially fond of the BBM group chats (sort of like an AIM instant messaging app for blackberry users only). But after having no choice other than to get a newly (refurbished) blackberry every month for 13 consecutive months, due to reoccurring issues that I will disclose on another blog at a later date, I got tired of having to manually re-enter all of my BBM contacts and groups. This is when I was introduced to the infamous QR Code, also known by BB users as the “BBM Barcode.”

    One click of my camera button and I was immediately reconnected again. No longer would I have to enter all of my contacts’ pin numbers one-by-one by-one. I now had the luxury of taking a picture of a “BBM Barcode”.. Click, and Wahla! all of my groups and contacts’ information was immediately zapped and saved into my phone.

    Now, these codes are not only being used to scan and download applications onto phones anymore. As of recent news, even broader uses are being created for QR codes. You may have already seen them being placed in magazines, signs, buses, business cards, or anything that needs to store addresses, URLs or other necessary information or instructions. QR codes have been found to be useful especially in marketing. Billboards, print ads, store displays, direct mailing campaigns and contests, email marketing, websites and coupons are some of the few places you may also find them in.

    I’ve even heard of QR Codes being used to send holiday cards and invitations to people. A company called Paperlink “is reinventing the world of traditional paper communications by using custom QR codes to take stationery, personal communications and marketing from one dimension to three.” Companies like Paperlink have created a new era of “Social Stationery” through making custom QR Bar codes that allows people to create and receive personal cards, invitations and announcements in a whole new different way.

    These QR codes have the ability to be scanned with a mobile app which will display specific text, URLs, links, photos, animation and more. Consumers can create the social stationery by building the card, announcement or invitation with a QR code on it which will lead the recipient to a landing page built by the sender. Recipients of the card/QR code will be able to view details of the event, look at or share pictures, comment on it, RSVP, map it, add it to their calendars and more.

    Can you imagine running into an old high school buddy on the street? You guys begin talking about life after high school, finding great careers, meeting the loves of your life, etc. You guys seem to be really hitting it off. You think, ‘Hey, I haven’t seen this dude in years.  Why don’t I invite him to my wedding? After all, we have enough in the budget to add two more to the list since we cut out those pricey invitations.’

    You immediately invite him to the wedding and pull out your Blackberry or Android phone. He thinks you’re pulling it out to store his address so that you can mail him the invitation, but you instruct him to take a picture of the bar code located on the screen of your phone instead. He takes the picture with his camera phone and walks away with a bit of confusion as you also instruct him to RSVP as soon as possible.

    You, on the other hand, walk away feeling happy about winning the fight between you and your fiance over trashing the idea of sending traditional paper invitations to all of your guests in the mail, and emailing the QR codes to them instead. Yeah, your back may still hurt from having to sleep on the couch a few nights for not budging on the invitations. But hey, at least you saved a couple of grand on some fancy shmancy invitations that no one reads anyway. Not to mention, you can now afford to invite your old high school buddy from the money saved, and..QR codes are the way of the future…Everyone will be doing it sooner or later. Right?

    You assure yourself that this idea for the “QR Code” is a new phenomenon.

    Disclosure: none
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