A variety of blockchain startups, such as the Lichtenstein-based DigitalBits Project, are looking to employ the protocol’s tokens to reinvent loyalty programs.
Many of the startups envision a marketplace where loyalty points become a kind of cryptocurrency, exchangeable between the loyalty programs offered by brands.
In most cases, brands would have to participate in the marketplace, supposedly because it makes their rewards more valuable. Many loyalty points reportedly go unredeemed.
But, says one loyalty program expert, such universal loyalty currencies are a bad idea for brands.
[Read the full article on MarTech Today.]
About The Author
Barry Levine covers marketing technology for Third Door Media. Previously, he covered this space as a Senior Writer for VentureBeat, and he has written about these and other tech subjects for such publications as CMSWire and NewsFactor. He founded and led the web site/unit at PBS station Thirteen/WNET; worked as an online Senior Producer/writer for Viacom; created a successful interactive game, PLAY IT BY EAR: The First CD Game; founded and led an independent film showcase, CENTER SCREEN, based at Harvard and M.I.T.; and served over five years as a consultant to the M.I.T. Media Lab. You can find him at LinkedIn, and on Twitter at xBarryLevine.