LoyaltyX launch world-first Blockchain loyalty project at UNSW
LoyaltyX and University of NSW (UNSW) have partnered to launch a world-first blockchain loyalty research project, giving students an opportunity to earn Ether cryptocurrency at the checkout of participating merchants simply by scanning a barcode in their digital wallet.
UNSW students and staff can earn $5 of Ether for every ten transactions they make across eleven campus retailers, including Boost Juice and IGA, as part of the Unify Rewards program that goes live on trial today.
Ether is a cryptocurrency supported by the Ethereum network.
The revolutionary program will give members access to the dynamic frontier of cryptocurrency with no risk or investment required. LoyaltyX Chief Design Officer Philip Shelper described it as the first major advancement in loyalty program design since the frequent flyer programs launched in the early 80’s.
LoyaltyX MD Andrew Lowe said the project steps into uncharted territory to disrupt traditional loyalty points programs.
“This is the first time a loyalty program allows members to transact across multiple retailers and earn a popular cryptocurrency which fluctuates based on market forces. Last month, the value of Ether rose by 30%, so we’re excited to see how members respond to this type of loyalty currency vs traditional approaches such as points. We’re confident they’ll find it much more engaging, but the research will give us a more definitive answer,” he said.
Shelper says the potential is massive. “Consumers are tiring of big loyalty programs which devalue points balances over time to boost their profits. Cryptocurrency democratises the program design, with the value of the currency increasing as demand increases. Our project also allows members to own cryptocurrency without having to invest their own money, thus de-risking the experience.”
UNSW students and staff have been invited to join the project, with registrations now closed. The project runs for the next six weeks, with regular updates posted on the Unify Rewards website.
The platform solution utilises loyalty platform technology from Loyaltycorp, data capture technology from PicoLabs, and Honeywell scanners at checkout. Consulting for design was provided by Bit Trade and Loyalty & Reward Co.
Research for the project will be conducted by Prof Ron van der Meyden, AProf Salil Kanhere of UNSW’s esteemed School of Computer Science and Engineering and Eric T. K. Lim from UNSW’s School of Business.
More information on Unify Rewards, including the research results from the study, can be found at www.unifyrewards.com