TCS Unveils Blockchain-Powered Multi-Brand Consumer Loyalty Platform Using R3’s Corda

TCS (Tata Consultancy Services), an eminent company offering business solutions, IT services and consulting globally, has announced the next generation consumer loyalty platform powered by blockchain, that can cover multiple brands utilizing blockchain tech firm R3’s Corda. The company made the official announcement through a press release yesterday on October 23, 2019.

Per the press release, TCS intends to dive into the market opportunities in the customer loyalty sphere. The recent times have seen the growing popularity of consumer loyalty programs that pack advantages for both – the brands as well as the consumers. However, the rapid increase in such programs has made it difficult for customers to manage different programs by various brands. TCS seems to be reacting to this very market opportunity.

Per the announcement, TCS has developed a loyalty platform utilizing the technology of blockchain for enabling the tokenized value exchange. The company has designed the platform in such a way that it streamlines and consolidates the fragmented “earning and burning” avenues from the brands that are participating across industries, according to the press release.

The platform would allow the users to view, manage, as well as redeem the loyalty points they receive from various brands at a single place. It will make the customer experience seamless without any friction.

TCS’ Global Head of Blockchain Services, Lakshminarasimhan Srinivasan, shared the excitement over launching this next-generation loyalty platform. Srinivasan said that consumer loyalty programs had proved their worth in bringing brands and consumers closer. The key now is to offer consumers complete control about the way they would like when it comes to earning and burning. Adding further, Srinivasan stated that an incentivized, open ecosystem could make trillions of these loyalty points that could be exchangeable as digital tokens.

R3’s CEO, David E. Rutter, also came forward to share their views on the development. Rutter termed the effort as “a genuinely innovative approach” for enhancing the way brands interact with consumers via loyalty programs. Talking about Corda, Rutter was quoted saying,

Corda was built and designed to deliver precisely these types of process and efficiency improvements to the interactions across multiple organizations, consumers, and channels.

For those who came in late, TCS is building numerous platform solutions for driving the adoption of blockchain amongst entities across industries.