In December at the Hyperledger Global Forum in Basel, American Express was the most significant non-tech company to share details about its blockchain applications. The cost of operating the rewards program is American Express’ single biggest expense at $8.7 billion in 2017. Given how important rewards are to the business, the company recently enhanced the program to make it more flexible. Hence the blockchain rewards project solves a real business need.
Today customers earn points based purely on the total transaction spend. The retailer might want to use rewards to target a brand or product, a particular day of the week, a customer profile or something else. But until now they haven’t been able to do that.
The appeal of rewards
And keeping the rewards program attractive is important. American Express has a premium brand with high-spending members who appreciate the rewards.
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Image Copyright: American Express
