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.