With the advent of blockchain, several industries have adopted it considering the vast range of benefits offered by blockchain. The very mention of the word blockchain reminds readers of a decentralized administration which stores data using blocks of data with a hash of the previous transaction. The entire ecosystem of blockchain provides extreme protection and scalability to the participants of the network.
Going beyond the amazing security, flexibility and scalability of blockchain, let us focus on one of the latest adoptions of blockchain. Singapore Airlines is one of the first carriers which use blockchain to tokenize its airline loyalty digital wallet so that it can be redeemed at retail partner units. The program is known is Kris Flyer program which also has several retail partners. If you are a leisure flyer and have accumulated a few points on your Kris Flyer membership, you can use the points while shopping at the retail partners of Singapore Airlines. The very purpose of the blockchain is to provide a distributed ledger which time stamps every Kris Flyer Membership transaction in real time. It provides a large amount of cost and time efficiency.
This discussion also gives us the scope to focus on another major technological transformation! Yes, we are talking of mobile apps. Unlike the previous instances where magnetic membership program cards were swiped at the POS outlets; modern transactions can be carried out by just downloading the concerned mobile application. In this case it would be the Kris Pay app. Users can convert their Kris Flyer points to Kris Pay points using a conversion facility available with the app. Presently, a total of 18 merchants spanning multiple industries like beauty, food and beverage, retail and petrol are already integrated with the Kris Flyer membership program.
For Kris Flyer members who have just a very few number of points, they can use those little number of points to adjust their purchases at the partner outlets. While a casual reader would look at the adoption of blockchain technology from a technological point of view, this massive transformation would trigger better consumer experiences. Thus, we come across a new dimension of blockchain which ensures better customer satisfaction through real time settlement and cutting edge speed. The nature of blockchain to ensure quick transactions getting settled instantaneously is one of the biggest turnovers for customers. The robust architecture of blockchain networks is expected to act as a major factor to transform the very complexion of customer retention.
The changing pattern of consumerism is also marked by a rapidly changing landscape of technology which is constantly evolving to accommodate new user experiences, better opportunities and `the critical innovations which decides the future of modern businesses. Blockchain promises to participate in a friendly manner with modern business ecosystems giving them better security, agility and scalability.
With blockchain, the world looks more secure and friendly. Features like immutability and decentralization will help blockchain find its way through other competitive technologies which are prevalent in the market. Along with Big Data sciences like Hadoop, IoT on blockchain will find acceptance at social as well as commercial levels.