Loyyal, which uses blockchain technologies to enhance loyalty and incentive programs, has announced version 2.0 (V2) of its Loyyal Product Suite. This improves transaction processing throughput across the Company’s distributed nodes by more than 700% – to nearly 800 transactions per second – per program operator on the network, and database performance by more than 12 times (by storing metadata associated with blockchain transactions in a modernised, high-performance distributed database architecture). Loyyal attributes many of these improvements to its proprietary implementation of the Hyperledger Fabric blockchain framework.
“Our clients continue to be our greatest catalyst in helping us advance the feature set and capabilities of the Loyyal Product Suite and our Network of partners,” said Greg Simon, CEO and Founder of Loyyal Corporation.
“Large loyalty programs, as well as the software vendors and systems integrators that support them, have come to realize that loyalty and incentives are the killer application for blockchain technology. Our new version 2.0 release provides the capacity to support the transaction volume and data needs of even the largest global programs, and more.”
The Loyyal proposition
Loyyal’s objective is to reinvent the creation, reward and management of customer incentives. Using blockchain and smart contract technology, the Loyyal platform:
- concentrates a highly fragmented industry
- offers brands an innovative way to unlock value held captive in legacy loyalty programs.
The focus lies in three areas:
- extending the partner network; by increasing customer engagement participants can grow their network of partners while reducing costs and accelerating reconciliation and settlement
- expanding marketing capabilities; by personalising offers and promotions it is possible to obtain near real-time insights into individual behavior and interests while sharing data with partners
- enhance program profitability; by tracing the value of all loyalty currency through each entire program lifecycle, participants can improve revenue management (for example, by redeeming the most profitable points/miles first).
The key to this is With Loyyal’s Blockchain-as-a-Service (BaaS). With this, customers access the Loyyal platform with its:
- enterprise-grade hosting services
- development tools
- support services
- unlimited API access (for the Loyyal platform)
- enterprise-class node hosting
- personalised node dashboards
- a growing network of partners (including entry to a network of both earning and redemption partners).
Packaged monthly license fees can start as low as US$5K per month. These are customisable to address specific need.
V2’s BaaS and increased data privacy
The core Loyyal platform comprises:
- APIs
- a program manager module
- an event manager modules
- secure node hosting.
The V2 capacity and performance enhancements are a major update to the version released in June 2018, which itself delivered enterprise-grade capabilities and improvements in:
- transaction security
- network resiliency
- scalability.
V2 adds multi-channel support for Loyyal’s licencees. This provides greater control over the sharing of private transaction metadata with selected business partners. The effect is to benefit large loyalty programs which have multiple earn and redemption partners.
This makes easier the sharing of mutual transaction data between a program and partners under various conditions. Furthermore, metadata sharing can be enabled, albeit with varying security controls. This opens up different subsets of metadata to different partners under differing conditions – based upon the nature of the business relationship.
Enterprise Times: what does this mean
To Enterprise Times the world of loyalty and incentive programmes is strange. There is so much complexity beneath a form of marketing with ever more ingenuity.
Loyyal’s use of blockchain seeks to bridge operational chasms between loyalty programmes and the customers for these (who can be different or within the same enterprise). With greater partnership sharing of data, enabled by the immutability of blockchain technology, participating partners can focus in new ways while having confidence in mutual adherence to agreements and initiatives. The ‘trust’ lies in the supporting data.
