Perform a simple search on Google for the words ‘blockchain’ and ‘loyalty’ and you’re instantly presented with over 5 million results. Skimming through these results, the vast majority of the articles appear to take a common stance: the loyalty ecosystem today is built on archaic systems and processes which need modernization, and blockchain will be its savior.
Blockchain allows parties that do not know or trust one another to make transactions. The technology involved allows the data to be transparent to anyone in the network and enables transactions to be authenticated and to be immutable.
Key Questions to Ask:
Could this be achieved by modernising your technology stack using current proven tools?
Is this a genuine challenge for you today?
Whilst technically possible, is this a key component in your business strategy?
Are your legal and regulatory teams comfortable with this?
Is blockchain right for your loyalty program? Download LoyLogic’s informative whitepaper to find out.