An Indian software firm has introduced a customer loyalty system based on blockchain technology.

According to Ledger Insights, the platform by Tata Consultancy Services (TCS) will allow customers of several different brands to manage and utilize their loyalty points from a single interface.

New Platform to “Unlock Further Potential” of Loyalty Programs

TCS launched the blockchain-powered solution on October 23rd, 2019. The technology is to facilitate the tracking, management, and redemption of loyalty points awarded by different brands to consumers via a single gateway.  It uses R3’s Corda blockchain to tokenize points provided by participating brands.

Lakshminarasimhan Srinivasan, Global Head of TCS, remarked, “Customer loyalty programs have proven their ability to bring consumers and brands closer together,” elaborating that “the key to unlocking further exponential value is to provide complete control to the consumer on how they like to earn and burn.”

Loyalty Points Converted into Nonfungible Tokens

The platform uses nonfungible tokens (NFTs), a kind of cryptographic token that represents unique assets that cannot be interchanged.  Its main thrust is to consolidate points acquired through different programs into a single place, so that consumers can more easily utilize them.

“An open, incentivized ecosystem can make trillions of loyalty points fungible as digital tokens,” Srinivasan explained. 

David Rutter, CEO of R3, called the platform a “genuinely innovative approach to improve how brands interact with their customers through loyalty programs,” and said, “Corda was built and designed to deliver precisely these types of process and efficiency improvements.”

Major names such as carriers Singapore Airlines, Cathay Pacific and AirAsia are already using blockchain-powered loyalty programs.

Source:www.ledgerinsights.com

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