Dubai is set to host the world’s first blockchain loyalty program with the launch of Loyyal, an umbrella scheme aimed at uniting many rewards programs under one banner.
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Uniting ‘Fragmented’ Loyalty Industry
In concert with the Dubai national government, Loyyal will use an “unbundled” blockchain to provide value transfer between loyalty scheme participants. This project hopes to unite Dubai’s many existing schemes under one roof. In doing so, the company will create a network concept known as the “Internet of Loyalty.”
“Loyyal is a universal platform built for the loyalty rewards industry on blockchain and smart contract technology,” Loyyal CEO Gregory Simon said in an interview with PYMNTS.com. “We are applying the blockchain technology to pull together the entire loyalty industry, which is highly fragmented for the government of Dubai.”
Loyyal has been given the blessing of the government, which is actively involved in blockchain research itself. Earlier this year, it formed the Global Blockchain Council, which aimed to explore possibilities for blockchain technology usage across Dubai’s infrastructure, in both “financial and non-financial” sectors.
Simon suggested an umbrella loyalty scheme to attract tourists to culturally