Conventional loyalty and reward programs are not realizing its full potential due to several factors like inactive of a customer account , low redemption rate, time delays in delivering rewards and points, high transaction cost , high customer acquisition costs and low client retention etc.
Blockchain as a trustless distributed ledger allows loyalty reward program providers , administrators , system managers . customers , etc to interest and interact with one system without any intermediaries and without compromising privacy or competitiveness. This solution optimizes the execution and administration of reward programs with near real time transparency, resulting in cost savings.
In this blockchain based loyalty program, on initiation of a loyalty transaction such as the issuance, redemption , or exchange of a reward the system creates a computer-generated loyalty token, which is a base for all types of rewards, including points. The loyalty token’s unique identifiers can be updated on each participant’s ledger and made available across the network. Several online protocol rules govern the way the points behind these tokens function.
Moreover, the system can be connected to social media digital wallets and can interact with loyalty rewards program platforms through smart contracts to provide hassle free delivery of loyalty points.
Distributed ledger architecture of blockchain can help banks to spread out task like KYC , AML and local compliance and link it to a single customer block. Each bank in the syndicate can easily access the customer data through the blockchain network irrespective of the local regulation on data and privacy . this ,in turn, reduces the cost of meeting regulatory requirements for syndicated lending since banks can take advantage of compliance already completed by others in the syndicate. Moreover, data duplication is avoide since all syndicate banks have access to the customer’s digital documentation. Bank can significantly reduces the complexity and efforts required to comply with local taxation and regulatory rules since local disbursements are accounted for in the distributed ledger.
Block chain is getting popular each day and more people are getting hands on with cryptocurrencies like bitocoin, Ethereum etc. An easy to integrate ,easy to use cryptocurrency wallet would enable retailers to accept cryptocurrencies from their customers to do more sales.
A crypto currency wallet is a secure digital wallet used to store ,send and receive digital currency like bitcoin.there are several types of wallet that provide different ways to store and access digital currency .
Cross-border payments is now a critical part of million of live as we moved toward a globalized world. cross border transfer of money, value has always been a slow process as well as expensive. As large , cross-border payments become more common,B2B merchants are looking for the more convenient and cost-efficient methods .this has attracted more of these transaction to the web and mobile channels as compared to traditional banks and agents based channels.
The blockchain based solution for doing cryptocurrency transaction is able to speed uo and simplify the payments process, cutting out may of the traditional middlemen and also reduces the cost significantly . in this solution, a digital distributed transaction ledger with identical copies is maintained on each of the network’s members computers .All parties can review previous entries and record new ones. Transactions are grouped by cryptography, so previous transaction cannot be destroyed or forged. this means that the ledger and the transaction network are trusted without a central authority
Buying and selling stocks and shares always involved many middlemen , such as brokers. These processes involve complex procedures which are time-consuming , cost inefficient, and phone to risks.
Block chain based solution with distributed ledger technology could enable saving for the users by avoiding the middlemen and reducing duplication of processes, settlement time, and operational overheads. The solution users bitcoin, which is the worlds first and most popular block chain application. It is a decentralized network for transaction is digital currency, which can be stored and transferred in the from of cryptographic tokens. Bitcoin uses a peer-to-peer network to broadcast information about Transaction , which are then added to blocks that are cryptographically secured, forming an immutable network . this help the system to prevent dpoouble –spending and check who owns which tokens at which time . furthermore , a powerful scripting system can be used to automate transaction to avoid middlemen from transaction and share trading.
One of the highly anticipated application of the blockchain, smart contracts is a computer program that facilitates and enfore the negotiation and execution of an agreement. Many kinds of contractual clauses can be made self-executing and/or self-enforcing using smart contracts since these emulate the logic of regular contractual clauses.
Smart contract based solution for share trading is more secure than traditional contract law. Moreover, they can cut out the middlemen in transactions and trust reduce the number of transaction cost associate with contracting. The rules of the smart contract are recorded in computer code and cannot be freely interpreted according to the intent of the , but only according to the literal meaning.
Managing customer identity online is an expensive and time-consuming process. The user has to register online for the service which may required additional steps like a face interaction as might be the case with financial institution . the user should also authenticate their log in hereby providing that they are authorized to access that portal. It becomes repetitive when the user has to go through these service providers store huge amounts of identify information with them.
Block chain based identity management solution solves this problems by cutting out all the third parties. The user would register on the blockchain and, as required , authorized parties can simply access that information on the network. This eliminates the need for the user to register with every new service provider. While best practices for this application are still being developed, it show potential .but privacy still remains a concern as once information is stored in blockchain, is is accessible to everyone in the network , that opens up a new avenue for research
The private securities markets is facing high settlement risk caused by longer settlement cycle, limited audit trail, multiple version of the master book across issuers, syndicate members and investors. Moreover, processes associated with this is lengthy and has to be handled manually , resulting in operational inefficiency .
The block chain based solution for privates securities enable issuers and investors record private securities transaction in a distributed digital ledger presenting are record of ownership. This ,in turn enables easy access to information and significantly reducing settlement time to better compete with traditional firms. The solution enable is sures, syndicate members, and investors to successfully complete and records a private securities transaction by digitally representing a record of ownership. The digital securities in form of smart contacts are evidenced by entry into a publicly distributed ledger and transfers of the digital securities can only be effected on that ledger. These smart contracts can be programmed to automate issuance and asset servicing, which is turn eliminates manual, lengthy and operationally inefficient processes.