Blockchain Will Make Loyalty Programs Actually Work, Says Orioncoin CEO
At BlockShow Asia, Orioncoin CEO provided a detailed analysis on how loyalty rewards programs can be improved through Blockchain.
At BlockShow Asia just last month, Orioncoin’s CEO Woanjen Tang unveiled preparations for a new Blockchain platform that addresses complexities in conventional loyalty programs, while at the same time offering enhanced liquidity and accessibility in the crypto space.
There are a number of reasons why conventionally designed loyalty rewards programs don’t work well, including a lack of intrinsic or perceived value, a lack of transparency, and a difficulty in transfer. The result is ineffectiveness -- loyalty programs and rewards points often are left unused by consumers, who find it difficult or not worth it to figure out where and how points can be used.
In a presentation at BlockShow Asia in Singapore last month, Tang pointed out that only 40 percent of loyalty program memberships are currently active. Tang introduced a Blockchain-based loyalty platform that increases efficiency of said programs by providing a universal, native cryptocurrency, ORC, which can be redeemed across loyalty programs or cashed out for other crypto or fiat.
Liquidity and accessibility
Beyond the customer rewards for using the ORC coin, the Orioncoin platform has provided a method for moving funds smoothly between cryptocurrency and fiat currencies, infusing liquidity and accessibility into what is traditionally not a liquid economy.
The Orioncoin platform offers credit cards for international usage, as well as the ability for users to move funds to fiat currencies and then shift them to a conventional bank account, all within a single platform.
BlockShow Asia 2017 was powered by Cointelegraph and centered on showcasing innovation in Blockchain technology. The event brought together more than 1,500 participants and saw the launch of twelve new ICOs and a Blockchain startup competition.