1) What problems can the blockchain solve for the loyalty rewards industry?
Blockchain brings efficiency–drastically reducing administrative and personnel expenses–and transparency to loyalty rewards programs. It allows all parties–loyalty rewards program providers, administrators, consumers–to communicate through a single system while respecting privacy and without harming competitive advantage.
2)Why does the loyalty rewards industry need blockchain?
Blockchain creates a unified infrastructure for loyalty reward providers, customers, and administrators while respecting user privacy. It enables loyalty rewards program providers to streamline processes, which translates into reduced costs. It also boosts social media engagement and interaction with digital wallets.
3)What are the top use cases for blockchain in the loyalty rewards industry?
Through loyalty programs, companies can acquire important data from their most important customers, allow companies to track consumer behavior and evaluate their marketing strategies. The Royal Bank of Canada has conducted successful trials using blockchain technology for loyalty rewards.
4)What are the top companies using blockchain to disrupt the loyalty rewards industry?
Among the top companies using blockchain for loyalty rewards are BitRewards, Loyyal, Blockpoint, and BioCoin.