Burj Khalifa owner Emaar taps JPMorgan’s Quorum blockchain for new rewards and loyalty platform
Thu, 17 Oct 2019, 09:32 am UTC
Dubai-based property developer Emaar, best known as the firm behind the world’s tallest building, Burj Khalifa, is going to launch a blockchain-based referral and loyalty platform later this year.
Called EMR, the platform will reward Emaar customers with EMR tokens for their loyalty and business referrals. The tokens could be redeemed for Emaar’s real estate, hotels, ecommerce operations and malls, as well as traded with other users.
“We didn’t become Emaar by standing still, or by thinking small. By launching the EMR utility token ecosystem, Emaar is expanding the concept of connection. We aren’t just looking into the future — we are building it,” Mohamed Alabbar, Chairman of Emaar, said.
It can be recalled that Emaar previously announced plans to launch its referral and loyalty token based on the Ethereum blockchain and the ERC20 token framework. However, in its latest press release, the firm said that the platform and tokens are built on Quorum, the JPMorgan variant of Ethereum.
Emaar said that through these tokenized loyalty points, users will not only be able to enjoy all the benefits offered by current loyalty schemes, but also real monetary value through external trading platforms.
The firm touts the platform as the “first product of its kind being launched in the world." Emaar said that its customers would be able to use its dedicated EMR mobile application on Android and iOS to access the referral and loyalty system and earn or redeem EMR tokens.
“We have an existing ecosystem and a large customer base, as well as millions of further potential users globally who have yet to discover Emaar,” Hadi Kabalan, Director of Tokenisation at Emaar, said. “Our blockchain token platform positions us to grow our user engagement with today’s digital-native, mobile-first generation who expect a fairer internet and want to be part of the conversation.”
The platform and tokens are slated to launch before the end of the year, with an early sale of rights having been conducted by Bitcoin Suisse AG and ending in October.
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