American Express to Use Hyperledger's Blockchain Technology for Its Membership Incentive Program
American express has used Hyperledger's blockchain technology to make its membership incentive plans more diverse. It is the first time the technology has been used in America's financial-services loyalty scheme.
Under the revised plan, merchants can create a membership incentive scheme on their own platforms to attract customers and provide more opportunities for members to earn points.
American express will cooperate with Boxed to launch a pilot program to award registered members. Members can earn 5X bonus points, which can be converted into specified products.
It is reported that express will first offer Cheerios cereal, Planters nuts, Dove soap and other items to Boxed customers. The company plans to partner with more merchants in the coming months.
The technology is aimed at the individual household because different stores have different inventory systems. This was a problem in the past. The Hyperledger blockchain technology can help Amex solve problems so that businesses and Amex can create product-specific services.
Chris Cracchiolo, in charge of the company's membership rewards, said that merchants can choose at some time in a day or a week in one day, to encourage customers to download the merchant's application and reward customers in a variety of ways.
Although Offers are made based on the past behavior of customers at certain businesses under the Amex Offers program, they are not available for certain products.
Because American express owns and manages its own blockchain technology, it takes only a short time for businesses to get involved. Amex can get discounts from merchants within a few weeks.
Private channels on the company's blockchain will allow merchants to send and receive messages safely. Merchants can select products they want to sell, create custom membership rewards and specify SKU-level bonuses.
American express can learn all the merchant's discount information on the blockchain and ensure that the promotion is in line with its brand value and merchant agreements.
Once the customer successfully uses the offer, the system contracts will automatically send the transaction information anonymously from the private blockchain to American Express. Amex can identify card members and issue bonus points.
Amex will partner with merchants to offer systems intelligence contracts for these benefits.
Marc Gordon, director and Vice President of information at American Express, said the company wants to take full advantage of blockchain technology to provide innovative products to customers and partners.
Executive editor： Marie