Loyalty Points Programs Are Being Disrupted by Blockchain Technology - Five Projects Leading the Charge
Blockchain is more than a trend, in 2021 there are blockchain projects actively working to disrupt nearly every facet of consumer life. One area that doesn’t seem to get as much media attention as most — but is making uheard of headway in development on the blockchain— is loyalty points programs.
According to Deloitte, “Customer loyalty and engagement can make or break companies, and as such, rewards programs represent strategic investments for all types of organizations. But as they have been growing rapidly, they are also still ailing due to inefficiencies;” and loyalty systems based on blockchain can (1) reduce costs, (2) enable a frictionless system, (3) make the process near real-time, (4) provide a secure environment, and (5) create unique business opportunities.
In this roundup of covering of the most promising companies, we will look at five blockchain projects tackling the loyalty point space, their focus, and how to find out more about them.
Five Blockchain Projects Taking Aim at the Loyalty Point Space
1. Loyyal: The Internet Of Loyalty
Loyyal is building an interoperable loyalty point solution using blockchain and smart contract technology, promising “greater control and visibility to program operators.”
Some milestones of this project are a three year production agreement with Emirates group to enhance “the award-winning loyalty programme of Emirates and flydubai.”
Loyyal helps loyalty program operators in three key areas:
- Extend partner network
- Expand marketing capabilities
- Enhance program profitability
Interested in this project?
Go deeper and find out more about what Loyyal is up to here.
2. Bakkt: Crypto Rewards, Points & Cash
Bakkt is a digital wallet making waves in the rewards space.
Bakkt is currently focuses on the US market and has similar aspirations as DragonBite (see below), namely:
“Convert your participating rewards programs and loyalty points into cash, crypto, or other types of rewards and loyalty points. They’re your rewards — spend them how you like.”
Bakkt is attacking the loyalty market so consumers can get more out of their reward points, allowing users to benefit from unused points — making sure consumers aren’t ‘leaving money on the table’ and getting full benefit out of the programs they maintain credits with.
Check out how Bakkt is helping consumers get the most our of their rewards here.
LoyalIT focuses on leveraging data throughout their ecosystem to drive success for their clients using AI recommendation and the blockchain for security.
Find out more how LoyalIT aims to make ‘rewards points rewarding,’ here.
Claiming to have the easiest integration, fastest go to market, and safest infrastructure, Qiibee helps companies that already have a loyalty program improve their operations and customer satisfactions along with providing a white label service.
The while label service allow Qiibee to offer member benefits within their network including enabling their merchants to offer their customers ‘exchangeable loyalty rewards’ thanks the loyalty ecosystem of partners using Qiibee as the tech behind their rewards points offerings.
Qiibee uses the blockchain in their white-label app to protect merchants and their fans; hence, it ensures security.
To find out more of Qiibee’s system and how it can work for you, check them out here.
Last but not least, DragonBite is entering its beta phase with anticipated launch of an online app (MVP) later in August, which will be the first consumer-facing development from the team.
Stepping back, for those who are new to DragonBite, the Company raised funds a few months back and is known for its strong team: boasting a PhD as tech lead (who is specialize in blockchain, machine learning/ai and more) and, Andy Chen, AsiaTop Loyalty CEO, as active advisor, to name a few.
This is just the tip of the iceberg when it comes to the team, check back here for team profile exposés in upcoming posts.
DragonBite sets itself apart from the preceding projects because it will interface with a network of over 50,000 merchants and have immediate distribution to more than 1 million users via its partnership and close association with AsiaTop.
There is a lot brewing in the DragonBite world, to get up to speed on the fundamentals of this complex innovation, check out the official site here.
Wrapping Up: The Blockchain Loyalty Program Revolution Has Begun
Loyalty programs have been around for hundreds of years, blockchain is the next proving ground for bringing security, swappable (cross program conversion), speed, and transparency to the space.
As we’ve surveyed in the above five projects, there are many approaches and ideas about how the loyalty program opportunity will live on the blockchain — most of these projects are just gaining traction and coming out with their working MVPs in the past year.
You will likely see multiple successful companies compete and complement each other as this sector of the blockchain space grows.
We are biased when it comes to project and bullish on the space (you are reading DragonBite’s medium no doubt).
With that said, make sure to check out what DragonBite has in store, we are launching our WebApp as an MVP later this month, you can connect with the project team and keep up with all our news across our social channels linked below.
DragonBite is a fully integrated ecosystem of decentralized financial services built on interoperable technologies, and with many aspects of the ecosystem collectively controlled by its members. Its governance mechanism is predicated upon two digital tokens called $BITE and BITE Point.