In today’s business market, there are certain things companies do in order to gain customers. Having a top of the line website with a user-friendly mobile application is an example. Active and lively social media pages is another. When customers see these features, they provide confidence in the quality and validity of the company.
Recently, customer reward programs have joined this list, perhaps at the top. As customers, we love getting rewarded for frequent use. In turn, the company benefits because the loyalty programs can keep customers from buying from a rival business. Also, these reward programs can provide companies with valuable customer data. Perhaps the best examples of this are credit card points and airline miles.
But as this feature of business grows, so do the inefficiencies. For example, these are extremely expensive endeavors. Think of all the manpower that is needed just to manage the day to day operations of an airlines reward program. They are also exclusive. If you’re a business with a leading brand name, you don’t want to be attached via a loyalty program to a lesser or competing brand. This isolates only the richest of companies and isolates those without the same amount of funds.
The answer to these deficiencies? Blockchain.
Sandblock (SAT) is a blockchain built on Ethereum that is making it possible for small businesses to join in on big company loyalty programs. Through Sandblock, businesses can give out loyalty rewards, points, and incentives in the form of a cryptocurrency. There are a couple main advantages to using cryptocurrency as a loyalty reward.
Cryptocurrencies are based on a distributed ledger called blockchain. This is in contrast to the traditional method of currency, which is centralized by banks, agencies, and governments. The result is minimal to no external interference or transaction fees. This is especially helpful to small businesses as loyalty points are already expensive.
Another appeal to cryptocurrencies is the global value they possess. With traditional loyalty programs or even local currencies, you