Incent Project to Put $65B Loyalty Rewards Industry on Blockchain
Bitscan, a cryptocurrency merchant directory, has partnered with blockchain platform Waves to bring customer loyalty programs to the blockchain. If successful, the partners say their Incent Loyalty network will make loyalty rewards programs more useful and cost-effective. By utilizing the blockchain, the team says the platform allows merchants of any size to create customer rewards programs without incurring wasteful costs. The platform works by allowing merchants to choose a reward size for their programs, which get pooled with other rewards across the platform’s network. According to the....
Related News
Incent Loyalty, an Australian-based company, wants to tap into the potential of loyalty rewards points through creating a tradable, “open-value” token called Incent, which customers use to gain and trade loyalty points near-instantly and worldwide. While low-cost blockchain technology helps to solidify storage, Incent Loyalty’s consumer facing applications can be personalized to align with the branding of merchant partners. Incent: Tokenizing Loyalty Rewards. To provide an easier customer experience, loyalty values will additionally still be displayed in terms of that particular region’s....
On October 1, the popular OpenLedger cryptocurreny exchange opened the ICO for Incent, a blockchain-based loyalty rewards platform created by BitScan. Incent ICO Participants Get OpenLedger-Exclusive Perks. The exchange said that OpenLedger customers will be able to withdraw their Incent tokens from day one of the ICO as a perk, while participants who buy from the Incent website will have to wait until the platform’s November 30 launch to withdraw funds into their wallets. In addition to immediate withdrawals, OpenLedger says customers can trade the OPEN.INCNT token from day one of the....
Dubai is set to host the world’s first blockchain loyalty program with the launch of Loyyal, an umbrella scheme aimed at uniting many rewards programs under one banner. Uniting ‘Fragmented’ Loyalty Industry. In concert with the Dubai national government, Loyyal will use an “unbundled” blockchain to provide value transfer between loyalty scheme....
More than just rewarding customers in cryptocurrency, the underlying bitcoin technology holds a lot of promise in changing the loyalty rewards industry. In the latest version of the BitLicense framework in New York, these reward points based on the cyrptocurrency's blockchain were exempted from regulation. These comprise frequently flyer miles, hotel loyalty points, return-customer retailer programs and so forth that were developed using bitcoin blockchain. Ribbit.me, a company whose RibbitRewards are tradeable, blockchain-based loyalty tokens, gives reward points that are generated by an....
A new report from Deloitte explores how blockchain could be used in loyalty rewards programs. The report, released by the Deloitte Center for Financial Services, argues that most loyalty programs offered by US companies face a problem, as they are underutilized and have high management costs. At the same time, loyalty rewards recipients are just as likely to leave a program due to a perceived lack of convenience, the study found. Blockchain, according to Deloitte, presents a potential solution, offering a mechanism by which a loyalty program would function similarly to digital currency.....