India’s TCS Introduces Blockchain Solution for Loyalty Programs

Asia Blockchain Review
November 3, 2019

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.

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Vietnam to Adopt Blockchain for Smart City Project
Vietnam’s Ho Chi Minh City has disclosed its plan to adopt blockchain technology and artificial inte...

November 21, 2019

UPS Tracks Beef Shipment with Blockchain
International logistics provider UPS announced that it has shipped beef from the US to Japan, tracke...

November 21, 2019

Ant Financial Introduces Blockchain Open Alliance
Ant Financial, owner of Alipay, has introduced the Ant Blockchain Open Alliance aimed at lowering th...

November 20, 2019

Vietnam Plans to Build Smart City with Blockchain
Vietnam has announced a plan to build a smart city and tackle pressing problems in Ho Chi Minh City ...

November 20, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us