Tata Consultancy Services (TCS), leading global IT services, consulting and business solutions organization, announced the launch of a next-generation blockchain-based multi-brand customer loyalty platform using R3’s Corda.
The rise and popularity of customer loyalty programs have brought clear benefits to customers and brands, improving customer retention, driving higher cart values and helping brands identify their more profitable customers. However, the proliferation of these programs makes it hard for customers, who have to manage multiple loyalty programs to interact with different brands.
Responding to this market opportunity, TCS 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. Users can view, manage, and redeem their loyalty points from different brands in one place, ensuring a seamless and frictionless experience.
“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.”
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.”