Loyalty program has not reached its full potential due to many reasons. That is where blockchain-based loyalty program steps in.
Blockchain as a customer loyalty solution
Loyalty programs are structured marketing strategies to increase the customer retention rate. Loyal customers spend more with brands they’re loyal more often, and they tell their friends and colleagues about those brands, which helps drive free referrals. Despite the rapid growth of customer loyalty programs in every industry, the question about the efficiency still looms large since the cost is high, the redemption rate is low, the options of redemption merchants is narrow.
Although the concept of blockchain was initially coined to serve cryptocurrencies, blockchain has made its entrance into many other businesses, including customer loyalty.
How AkaChain can transform your loyalty programs?
Introducing blockchain to customer loyalty programs will bring great benefits to any for-profit organization. The blockchain-based customer loyalty solution by AkaChain drives loyalty programs to the next level by reducing cost, enhancing security and creating a seamless network.
The blockchain potential is huge. A blockchain-based loyalty program will reduce system management costs. Firms will be able to slash the manual effort in aggregating, amending and sharing data, and reporting will become much easier. The post-trade reconciliation and settlement process are examples of time-consuming processes, but these processes could be completely redesigned once the blockchain is adopted.
Enhancing security and business data privacy
Concensus and immutability are the most important concept of blockchain. Consensus is the ability of the nodes in a distributed blockchain network to agree on the true state of the network and on the validity of transactions. Blockchain, with concensus and immutability – the ability of blockchain to prevent any alteration of confirmed transactions – makes every transaction and its record easily traceable, preventing double spending and other type of manipulation of the transactions.
Enabling seamless loyalty network
In a point-based loyalty program, a bank rewards its customers with points and these points can be used for hotel, flight ticket booking. Through a decentralized, frictionless blockchain-based loyalty platform, loyalty providers decide how and with which merchants the points will be redeemed. From the customers’s perspective, the option for points redemption will be widen.
The technology and the services
Akachain provides a Blockchain as a Service platform that allows developers to quickly build and test their blockchain applications by mitigating the concern about the blockchain network layer. In particular, Akachain includes a wide range of core services:
Hosting: Using the Akachain platform, a developer can rapidly deploy a consortium blockchain network (Hyperledger Fabric) on AWS cloud, Azure cloud or on-premises.
Blockchain Network: Akachain provides a secure protocol that permits the link between seperated private Fabric networks. Thus, the platform allows specific transactions in a private network that can be verified by other private networks if needed.
Administrator Toolkit: The Akachain platforms offers a number of adminstration tools that help developers to automate their develop, deployment or monitor their blockchain network and applications.
Integration: With the expertise in numerous industries, including financial services, retail to airlines, Akachain provides multiple industry solutions, allowing businesses and enterprises to quickly transform their current systems with blockchain technology.
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