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The compatibility of Blockchain and Loyalty Programs is continually confirmed by industry developments, media outlets, business leaders and entrepreneurs, strengthening Momentum Protocol’s position by the day. Deloitte’s annual Tech Trends report explores the technologies that will reshape business and government in the next two years. According to the firm, over the next five years, blockchain will likely become as important as digital experiences, analytics and cloud are today.
The report stresses that the disruptive nature of blockchain which will likely transform not only business but also the way humans transact and engage. It notes that large enterprises are deploying enterprise-grade blockchain solutions and that as technical hurdles and policy limitations are being resolved, we will likely see breakthroughs in gateways, integration layers, and common standards in the next few years.
Deloitte’s Tech Trends 2019 report echoes predictions from Arun Ghosh, US’ blockchain leader at KPMG, who foresees that blockchain adoption will spike across numerous sectors this year.
“We will see a greater understanding of what blockchain is – and what it is not. Combined with more accessibility via blockchain services on public clouds, companies will move towards successful implementations and strategic projects that result in business outcomes – such as reducing reconciliations in the order to invoice process or financial services organizations combatting fraud,” Ghosh said in a statement.
It can be traced back to the way blockchain technology is designed to operate, including the support for virtual currencies, immutability, transparency and database decentralization. These characteristics can be used to tackle many of the problems that customer loyalty programs face today.
Besides guaranteeing secure and open ownership, storing loyalty points on the blockchain means that the loyalty points cannot ever expire. The problem of low redemption rates – over $500Bn points are simply not used every year – is (partially) solved.
Blockchain technology can also create an overarching customer loyalty program, where loyalty points from different brands will be exchangeable between peers. The ‘one-stop-shop’ functionality will result in one sign-up process for all loyalty programs. According to Forbes, the flexibility in time to redeem, choice of rewards as well as the ease of signing-up will result in an improved Customer Experience. Delphi confirms this in the ‘Future of Marketing’ report:
‘If a universal and distributed ledger of all loyalty currencies could be created, it would facilitate exchange between the programs, remove unwanted friction and greatly accelerate the value for program members.’
Additional benefits of storing loyalty points on the blockchain are the transparency and security that blockchain offers. Nearly 70% of consumers express concerns about the vulnerability of companies to cyber-attacks. Brands should be considering blockchain when thinking about creating secure and future-proof loyalty platforms.
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