TCS launches blockchain-based multi-brand customer loyalty platform on R3’s Corda
“An open, incentivized ecosystem can make trillions of loyalty points fungible as digital tokens," said Lakshminarasimhan (Lakshmi) Srinivasan, Global Head, Blockchain Services, TCS.
IT services provider, TCS, intends to tap a market opportunity to integrate customer loyalty programs offered by various brands. The company has designed and built a loyalty platform that uses blockchain to facilitate tokenized value exchange, making it possible to "streamline and consolidate fragmented ‘earning and burning’ channels from participating brands across industries," it said.
“Customer loyalty programs have proven their ability to bring consumers and brands closer together. The key to unlocking further exponential value is to provide complete control to the consumer on how they like to earn and burn,” said Lakshminarasimhan (Lakshmi) Srinivasan, Global Head, Blockchain Services, TCS. “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.”
TCS’ Blockchain Services has offering blockchain advisory, consulting and has also been building products catering to enterprises across industries.
David E. Rutter, Chief Executive Officer, R3, said, “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."