The international payment giant American Express (AmEx), in partnership with the Hyperledger consortium and the online retailer Boxed, integrates distributed ledger technology into its customer loyalty program. This is reported by AP News.
According to AmEx representatives, Hyperledger technology allows merchants to create various reward programs. The latter, in particular, allow to reward American Express cardholders for purchasing goods in partner networks of stores.
Also, the project participants note that the program implemented in partnership with Boxed allows customers to earn five times as many loyalty points as usual. The new technological solution allows commercial firms to increase the involvement of their AmEx cardholder customers by offering products tailored for them, as well as regulating the reward structure.
AmEx partners have the right to independently choose products for which they would like to increase demand through a compensation program. The only exception is firearms, tobacco and alcohol products. American Express, in turn, reserves the right to independently choose the promoted brands.
According to representatives of American Express, a full version of the new blockchain system can be launched in the coming weeks.