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Actually, it's actually a great use of blockchain. That way, your customers can transfer points with eachother, etc -- then spend them at your restaurant. It d
by exelius 9y ago
Actually, it's actually a great use of blockchain.
That way, your customers can transfer points with eachother, etc -- then spend them at your restaurant. It does in fact decentralize trust -- the key here is that it's the restaurant trusting the customer, not the other way around.
Each point only gets spent once, and there's a built-in automated mechanism for "cashing in" those points.
I mean, I agree it's probably dumb for hamburger loyalty points. But it makes a ton of sense for hotel/airline points if you build the wallet into your mobile app and allow consumers to transfer points with each other offline. If it's transparent to the user, there's no reason it couldn't work.
- eisa01 9y agoOther loyalty program skim a percentage if you want to gift points, so I'm not sure that is a feature
- exelius 9y agoYou can do that via blockchain as well; I imagine BK will own all the transaction processors, so for any transaction to an external wallet, you add on a fee. Ethereum and Bitcoin also do this; only the mechanism for determining the transaction fee is algorithmic rather than a fixed % of the transaction value. All that said, loyalty points have a lot in common with crypto currencies simply from a functional perspective. It's a pretty natural application. You just merge the points back into the blockchain via an app or something. But this way it's secure, auditable and likely costs the company less to operate.