The blockchain network has the potential to be the cure to many business pain points. One of the possible use cases is Customer Loyalty Programs. According to a report by Deloitte, only 50% of eligible people for loyalty programs were active users and out of those 50%, 20% didn’t redeem their reward points at all. The primary reasons cited for this were time delays, high transaction and system management costs. The next step includes the details of how the network would operate such as:
- The type of Blockchain to be used i.e. Public or Private.
- The structure of data to be stored on the Blockchain.
- The participating nodes i.e. vendors, program providers, customers and their access levels.
- The value of tokens/currency of the Blockchain and their exchange rates across the vendors.
- Integration of the system with the legacy system of the vendors.
Business Benefits of Using Blockchain for Loyalty Reward Points
- Real Time Processing: Instant credit and debit of reward points from a centralized wallet for all Loyalty programs.
- Cost Reduction: Automated transaction via smart contract results in reduced costs via elimination of third parties.
- Wider Network of Vendors: Redemption of rewards points across many vendors because of a centralized transparent platform.
- Security: Immutable records facilitate fraud detection.
- Enhancing Customer Experience: Ease of use and access to a wider net of vendors to redeem points increase customer satisfaction fulfilling the aim of the loyalty program.
In this webinar, our expert panel will share their experiences covering above topics along with showcasing how loyalty reward points can be stored on a blockchain using smart contracts.
- How to read data from a json string posted by Progress Application via an API call.
- Use of Smart Contracts to write data on an Ethereum Private Network.
- Demonstration of blockchain network in loyalty program network.
Join JK Technosoft thought leaders, Akash Govani & Kumar Gaurav for an interactive webinar on “Loyalty Reward Points Using Blockchain”.
Even if you are unable to make it to the event, Register anyway and we’ll send you the recording.