- Customer inactivity and redemption of the loyalty rewards is low, resulting in unclaimed rewards turning into liabilities for companies. Lack of a uniform system management for the Loyalty and rewards program drives further customer inactivity.
- An inconsistent infrastructure, the requirement to protect the company’s proprietary information and customers PII make it more complex to build a uniform system
- Blockchain technology, being a trustless distributed ledger enable participants of the loyalty rewards program-providers, administrators and customers to interact on a single platform without intermediaries, retaining the PII and other important information protected.
- The decentralized technology can interlink multiple networks on their own terms, interact with existing loyalty rewards platforms through smart contracts that automatically enforce the terms of agreements between parties.
- Technology used – Hyperledger
- Reduced costs
- Uniform system for the consumer
- Real time access to the transactions to avail loyalty points
- Immutable and fraud proof