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Indian IT giant Tata Consultancy Services (TCS) has launched a blockchain-based multi-brand customer loyalty platform using R3’s Corda platform.
Customer loyalty programs benefit not just customers but also brands by improving customer retention, driving higher cart values and helping them identify more profitable customers. However, the proliferation of these programs, driven by their growing popularity, has made it difficult for customers, who have to manage multiple loyalty programs to interact with different brands.
To address this challenge, TCS has built a next-generation blockchain-based loyalty platform that will allow exchanging tokenized value, thereby allowing streamlining and consolidating fragmented ‘earning and burning’ channels from participating brands across industries.
“This is a genuinely innovative approach to improve how brands interact with their customers through loyalty programs. Corda was built and designed to deliver precisely these types of process and efficiency improvements to the interactions across multiple organizations, consumers and channels,” David E. Rutter, Chief Executive Officer, R3, said.
In a press release, TCS explained that the platform will allow users to view, manage, and redeem their loyalty points from different brands in one place, ensuring a seamless and frictionless experience.
Lakshminarasimhan (Lakshmi) Srinivasan, Global Head, Blockchain Services, TCS, said that providing complete control to consumers on how they like to earn and burn their loyalty points would help unlock further “exponential value” of these programs.
“An open, incentivized ecosystem can make trillions of loyalty points fungible as digital tokens. We are excited to launch this next-gen loyalty platform for orchestrating the tokenized value exchange,” Srinivasan said.
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