Chances are that you, as a consumer, enjoy when brands offer rewards-based loyalty programs. After all, 75 percent of consumers say they prefer to do business with companies that offer rewards.
It makes sense why so many consumers like rewards programs: These programs make our interactions with brands more fulfilling. You spend money for the goods and services you want, and the brand thanks you for your patronage through rewards. In the best rewards programs, you earn points you can easily redeem for discounts, additional merchandise, or other valuable items.
In a blockchain-based rewards program, consumers don’t accrue specialized, brand-specific points. Instead, they accrue tokens. Because these tokens are based on blockchain technology and cryptocurrency protocols, they can be transferred between participating rewards programs, merchants, banks, and even other rewards program users.
This means you could earn tokens with one program and transfer them to another. This gives consumers a new level of flexibility when it comes to determining how and where their rewards points are redeemed.