Entitled MyRewards, the blockchain-based loyalty programme utility was developed as a part of the IMDA Blockchain Challenge which seems to discover the purposes of blockchain to drive better operational effectivity and enterprise mannequin innovation within the telecommunications sector.
Lawrence Chan, Managing Director of MyRepublic Singapore, stated:
“Blockchain has huge potential for unprecedented insights into shopper preferences, permitting us to not solely see their go-to touchpoints, but in addition be taught and adapt a few of our methods in person focusing on. Our partnership with Aqilliz has been an extremely worthwhile expertise.”
Gowthaman Ragothaman, CEO of Aqilliz, stated:
“Whereas blockchain’s advantages is probably not instantly obvious to on a regular basis customers, the much less intrusive it’s to the person expertise, the higher it’s. For programme homeowners and retailers, MyRewards imparted clear advantages in comparison with current loyalty programme infrastructures. With elevated transparency, vital cost-savings, and the potential to ship extra worth to their prospects, we hope that manufacturers can recognise that there’s a viable future for blockchain as a expertise that may form the loyalty ecosystem for the higher.”
MyRepublic subscribers obtained an invite to obtain the MyRewards cellular utility, obtainable on each the Google Play and iOS app retailer. From February to April 2020, MyRepublic prospects might earn factors based mostly on their month-to-month invoice which may very well be redeemed at any of the corporate’s 19 shops islandwide by means of an in-app QR code system.
As well as, MyRepublic customers additionally had the choice of incomes factors by connecting to over 20,000 Wi-fi@SG hotspots islandwide at places together with procuring centres, libraries, neighborhood centres, and different public venues. MyRewards factors might then be spent on in-app purchases for retail vouchers and different branded provides, rewarding customers for his or her participation.
Aqilliz leveraged Zilliqa, the high-performance, high-security blockchain platform for the MyRewards cellular app in an effort to discover the feasibility of a public blockchain community for a wide-scale utility.
When in comparison with conventional loyalty programmes, transaction prices could be considerably lowered with blockchain expertise—a worthwhile profit enabled by Zilliqa’s distinctive strategy to transaction processing. These cost-savings and emphasis on provide chain transparency all merely serve to intensify the shopper expertise on the MyRewards app, as transactions happen in near-real time and programme homeowners profit from a holistic, ongoing view of buyer habits.
Aqilliz seems to construct a wider community of blockchain-based loyalty programmes that may operate as one interoperable system, in an effort to enhance the effectivity and utility of this widely-used buyer engagement technique.