American Express Fuses Blockchain With Its Membership Rewards Program
AmEx is an American multinational financial services corporation with headquarters located in Three World Financial Center in New York City. The company was established in 1850. The company is known for its credit cards, traveller’s cheque businesses and charge card. It was named as the 23rd most valuable brand in the world by Forber in June 2017
AmEx reports that it is fusing blockchain technology created by Hyperledger, an open source blockchain venture under the Linux Foundation, to give merchants a chance to design customized offers for AmEx cardholders keeping in mind that the end goal is to build client commitment.
AmEx has begun with Boxed, enabling the organization to remunerate its customers for obtaining particular things, however, American Express supposedly hopes to make the program accessible to every one of their dealers in the coming months.
Apart from promoting specific items, implementing the new program will reportedly let AmEx and its vendor clients a chance to target campaigns to very specific customers. Merchants will be able to make “item focused on offers” while maintaining their own particular stock frameworks. Chris Cracchiolo, the head of the Membership Rewards program for AmEx, explained:
“They can create programs based on a time of day, day of the week, by incentivizing a customer to download their app. The number of ways merchants can reward customers with Membership Reward points will be exponentially increased.”
In the fall of the previous year, American Express Travel Related Services Co., Inc., the travel and merchant unit of American Express, filed a patent for a customized customer bonus system using blockchain technology. The purpose of this system is to give client-specific types of bonuses that include specific items linked to a product, points or a digital currency.