Loyalty Program

AVINOC’s loyalty program is based on blockchain technology that offers multiple benefits, each of which adds value to the loyalty program and give you an opportunity to make a number of meaningful, valuable changes that are shaping the future.

Redefining the loyalty program

The range and variety of loyalty programs is overwhelming, from a multi-tiered points program to free services and bonuses, along with a variety of joint loyalty programs in different industries. However, many loyalty and rewards programs fail to reach their potential for both customers and companies – inactive accounts, time delays, high transaction costs and lack of real value. It’s not just about material benefits here.

But blockchain technology, as the basis for a functioning loyalty program, offers an opportunity to make a number of meaningful, valuable changes that are shaping the future. Blockchain offers a fundamentally new way to conduct transactions and keep records in a secure, reliable, digitally interconnected network, eliminating numerous inefficiencies.

While most companies view loyalty programs as a business problem to be solved, AVINOC, on the other hand, is seeking to redefine the ideas behind the concept of the ideal loyalty program.

What is a loyalty program?

Usually, loyalty programs are described as a form of centralized virtual currency with a unidirectional cash flow, since reward points can be exchanged for a product or service, but not for money. But that approach is a thing of the past. AVINOC’s loyalty program is based on blockchain technology that offers multiple benefits, each of which adds value to the loyalty program.

Thanks to a decentralized blockchain-based solution, data is stored not just in one location but many, which allows customers to exchange tokens for rewards without compromising sensitive data.

Using this solution, the customer receives tokens for a transaction or a purchase, along with the power to track and manage the funds circulation which is practically effortless and straightforward.

To pay in cryptocurrency or fiat money, to receive rewards in bonuses or by crediting real money to the bank card is entirely the customer’s choice. This will undoubtedly increase your trust and – bona fide – your loyalty.

A blockchain-based loyalty rewards program reduces system operation costs through smart contracts that report secure, traceable and transparent transactions to legacy systems, reducing the costs associated with errors and fraud.

The cost savings will be seen at three main levels – system operation, transactions and customer engagement, all of which positively impact the ultimate customer experience.

With smart contracts capable of reporting secure, traceable and transparent transactions, blockchain creates an immutable distributed record in a database with time stamps for every transaction ever made. This makes each transaction and its record easy to track, but also makes them irreversible, preventing double-spending, fraud, misuse and any other type of transaction manipulation.

Loyalty rewards is a type of digital currency, so by making transactions you get to buy absolutely everything: goods and services without any restrictions. Later on, the loyalty program will allow unique opportunities for additional services, additionally designed profitable transactions and investments offered also by partner businesses through one app, such as your digital wallet, further reducing wait times and improving your experience.

Blockchain technology helps make many things more secure and accountable: financial transactions, micropayments, application performance and others. This advanced new technology offers a way to record transactions or any digital interaction in a way that is secure, transparent, highly disruption-resistant, verifiable and efficient. For example, blockchain allows multiple parties involved to record and access transactions in near real time, increasing trust and business velocity.

How does it work?

In simple terms, the completed transactions will be rewarded with tokens returned to the wallet.

The currently implemented project within the VOO marketplace – the world’s first digital marketplace to search, book, pay and manage private jet charter flights – is VOOmiles. It’s a free reward program which allows you to accumulate miles and receive rewards such as cashback for each booked flight for a broker, margin premiums for an operator and for each VOOpay transaction you receive an AVINOC token as a bonus. This way, VOOmiles can be used to pay for airline tickets via VOO using both cryptocurrency and fiat. Moreover, tokens can be traded through the exchange and used to buy other things as well.