American Express company also known as Amex , is an American multinational financial corporation with its base in New York is integrating Hyperledger blockchain to its membership rewards program.
The world fat financial services giant has officially announced that in order to enable merchants create custom Membership Rewards Program for it’s cardholders, Hyperledger blockchain is being leveraged.
The whole process is being done in partnership with online merchant Boxed. Boxed will benefit the members by letting them earn five times the usual number of points on certain products.
With it’s partner Boxed, an on-line wholesale retailer, American Express is conducting a promotion project for the rewards program for it’s members. Initially the rewards points will be applicable to Boxed customers for selected products including planters nuts, Dove soap, Cheerios Cerak among few others Amex is committed to implement the program for almost all merchant partners in coming months.
Earlier targeting individual items was full of challenges due to the non availability of same inventory system at the merchants’ end. Hyperledger Blockchain technology will empower American Express to overcome this issue and merchants and Amex can create product targeted offers.
Regarding the Rewards Program, Chris Cracchilio from Amex remarked that there is flexibility for the merchants to develop programs based on time of day and day of week by encouraging the customer to download the merchant’s app. There will be numerous ways for the merchant to reward customer.
The spending behaviour of the customer at a specific merchant under the Amex offers Program I the past would be analysed for an offer. The time involved to participate in the program by the merchant would be less as Amex had the ownership and management of the block chain technology.