Global information technology services provider Tata Consultancy Services has launched a blockchain-based multi-brand customer loyalty platform developed on R3’s Corda, an enterprise blockchain company.
Corda is New York-based R3's open-source blockchain platform.
TCS wants to streamline fragmented loyalty programmes and provide a simple and frictionless experience to customers using the platform, according to a statement issued by the company.
The platform will use blockchain to facilitate tokenised value exchange, making it possible to streamline and consolidate fragmented ‘earning and burning’ channels from participating brands across industries.
In simple terms, users can view, manage, and redeem their loyalty points from different brands in one place.
“Customer loyalty programmes 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. An open, incentivised ecosystem can make trillions of loyalty points fungible as digital tokens,” said Lakshminarasimhan Srinivasan, global head of blockchain services at TCS.
TCS’ blockchain services offers blockchain advisory, consulting and technology implementation services.
The Mumbai-based company claims to be developing various platform solutions to drive blockchain adoption among enterprises across multiple industries. TCS’ Quartz, a blockchain solution, helps enterprises embrace blockchain within their organisations.
“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 organisations, consumers and channels,” said David E Rutter, chief executive officer of R3.
Like TCS, IT major Wipro also partnered with R3 in May this year, to develop a blockchain-based solution to enable digital currency for interbank settlements for a consortium of Bank of Thailand and eight other commercial banks in the Southeast Asian country.