Yesterday, Dubai-based property developer Emaar said it
plans to launch a blockchain referral and loyalty platform later this year. Dubbed as EMR, the platform will reward tokens to Emaar customers for their loyalty and business referrals. Emaar owns the Burj Khalifa and Dubai Mall and has annual revenues of $7 billion.
The EMR tokens will be offered to Emaar customers using a mobile app. Customers can redeem the tokens at Emaar’s real estate, hotels, e-commerce operations and malls. The unique aspect of these tokens is that they also represent a monetary value and not just loyalty points, which makes the tokens tradable.
The token and platform were developed on enterprise blockchain protocol Quorum, JPMorgan’s version of Ethereum. Because this is a private platform, the EMR tokens are native to the EMR platform. And the property developer hired Bitcoin Suisse AG to conduct a sale of token rights.
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