Blockchain integration in loyalty rewards programs is helping brands in efficiency optimization while reducing costs and increasing customer retention. Global blockchain specialists HashCash Consultants recently declared their new blockchain-powered loyalty program for a major retail organization based in the US.
Blockchain Integration in Loyalty Rewards
HashCash CEO and eminent blockchain pioneer Raj Chowdhury explains, “The incorporation of blockchain technology optimizes loyalty rewards programs. Inclusion of multiple brands under an umbrella also creates unique opportunities for business expansion.”
The blockchain infrastructure helps enterprises in reducing management setup expenses through loyalty reward programs. In comparison to the traditional routes for customer engagement, loyalty reward programs achieve a better rate of client retention and redemption. Smart contracts accelerate the processes in real-time by building a secure environment to remove chances of unintentional errors or fraud. This distinct solution also facilitates the effortless integration of several brands inside one loyalty reward program.
“One of the biggest advantages of blockchain technology is its flexibility to fit into any domain. The foundational technology can increase operational efficiency in countless sectors including trading exchanges, supply chains, fintech, and conventional corporate structures,” mentions Chowdhury.
Blockchain-powered loyalty programs can build a significant improvement in attracting clients with greater rewards, quicker operations, and affordable pricing.
HashCash Blockchain-Powered Loyalty Rewards Program
Once complete, the HashCash-developed environment will use a crypto token to denote an exchange of value. They will be used to buy products or services, in addition to the rewards given out to loyal customers. The rewards program will constitute a utility token as the reward which can be redeemed in other brands of the rewards program network as well. Customers can also switch their tokens for fiat denominations at the HashCash-owned global cryptocurrency exchange, PayBito.
Increasing worldwide crypto adoption makes blockchain-powered loyalty rewards programs an ideal investment option for enterprises aiming to attract and retain customers at lower operational costs. Despite the absence of fiat, the blockchain ecosystem is suitable for the digital transformation of businesses, facilitating conversion as and when necessary.