Tata Consultancy Services (TCS), an Indian software firm, has introduced a customer loyalty system based on blockchain technology.
According to Ledger Insights, the platform by TCS will allow customers of several different brands to manage and utilize their loyalty points from a single interface.
It has been analyzed that TCS launched the blockchain-powered solution on October 23, 2019.
However, the technology is to facilitate the tracking, management, and redemption of loyalty points awarded by different brands to consumers through a single gateway. It uses R3’s Corda blockchain to tokenize points provided by participating brands.
Lakshminarasimhan Srinivasan, the Global Head of TCS, remarked:
“Customer loyalty programs have proven their ability to bring consumers and brands closer together.” Lakshminarasimhan Srinivasan
He elaborated:
“The key to unlocking further exponential value is to provide complete control to the consumer on how they like to earn and burn.” Lakshminarasimhan Srinivasan
Similarly, 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.
<img src="https://i2.wp.com/www.cryptonewspoint.com/wp-content/uploads/2019/11/What-is-a-Loyalty-Program.jpg?fit=1024%2C421&ssl=1" alt="" class="wp-image-4504 lazyload" width="534" height="219" />
Srinivasan explained:
“An open, incentivized ecosystem can make trillions of loyalty points fungible as digital tokens.” Lakshminarasimhan Srinivasan
David Rutter, the 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.” David Rutter
Thus, major names such as carriers Singapore Airlines, Cathay Pacific and AirAsia are already using blockchain-powered loyalty programs.
Source: ledgerinsighta.com | asiablockchainreview.com