A major property owner in control of the Dubai Mall has announced a blockchain-based rewards program.
The program will reward patrons of the mall and other properties under the same umbrella for shopping and other financial activities.
Major Dubai Property Owner Implements Blockchain Rewards Program
Emaar, a major property owner in Dubai, has previously expressed interest in blockchain technology.
Rewards programs are an industry ripe for disruption from blockchain technology. One aspect that could potential interest regulators in some areas is the prospect of transferrable rewards. So you shop a lot at a given store, but you decide you’d rather use the rewards value somewhere else.
In a blockchain-enabled rewards ecosystem, you can simple exchange your rewards tokens for another token of value, and use the proceeds at the store you want to shop at.
Providing a market aspect to the rewards systems of the world, which likely total in the many billions of dollars, will also mean that savvy users could potentially maximize their rewards potential by buying low.
If, for example, a company like Walgreens had its rewards points on a blockchain, during a points promotion there might be a surplus of points on the market. Those points would thus be cheaper to buy for those looking to use them. New products, apps, and business modes would emerge.
For such to happen, more companies like Emaar will need to establish rewards programs built on blockchain networks.
Blockchain Rewards Taking Over The World?
Emaar’s program, which is dubbed EMR, will also reward patrons of the Burj Khalifa for things such as business referrals. The skyscraper is renowned as an architectural feat.
Emaar Chairman Mohamed Alabbar said:
“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.”
Rewards programs are a fast-growing blockchain industry, one of several areas that seem obviously ready for the application of blockchain technology. Deloitte, a leading consulting and financial firm, says:
“Loyal customers are one of the primary drivers of any for-profit business. By building loyalty rewards programs, companies aim to heighten the customer experience. In many cases, however, the opposite has occurred. The implementation of blockchain can drive the customer experience to the next level. […]”
Numerous efforts have been launched. TomoZ recently announced the integration of thousands of Vietnamese stores into its blockchain-based platform. Other regional efforts exist as well.
In western countries like the US, blockchain loyalty programs have been slow to pick up. But like the other aspects of the technology, it would seem it’s only a matter of time.