Yesterday Dubai-based Emaar Group which owns the Burj Khalifa and Dubai Mall announced plans to use blockchain technology to launch the Emaar community token. The aim is to work with Swiss-based blockchain company Lykke to introduce the token by the end of the year to encourage loyalty from customers and partners.
The tokens will be used so that customers can earn and spend loyalty points in any of the businesses in the Emaar group. That includes areas such as real estate, malls, hospitality, entertainment, facilities management and online shopping.
As one of the largest property developers in the world, there’s a broad array of opportunities for loyalty within the Emaar group. Apart from the world’s tallest building Burj Khalifa, it owns the Dubai Mall, Dubai Opera and the Dubai Fountain.
Mohamed Alabbar, Chairman of Emaar Properties, commented: “We continuously strive to expand our reach, strengthen our growth and extend the Emaar experience.” He added that “the Emaar community token marks a significant leap in [its] digital transformation journey.”
Emaar PJSC is listed on the Dubai Financial Market. In 2018, Emaar’s revenues grew by 37%, increasing from $5.1 billion to $7 billion. It’s brand value also rose by a significant 39%, currently valuing the brand at $2.7 billion.
Lykke will develop Emaar’s community token on the Ethereum blockchain using the ERC20 token framework. It will be transferable across the entire global Emaar ecosystem. Within 12 months of the platform launch, Emaar will consider an ICO in Europe.
Other loyalty programs
Blockchain technology for rewards is becoming increasingly popular with multinational companies across the world. Fujitsu launched a blockchain coupon service for tourism by allowing travelers to swap points for coupons to use in retail outlets within a region.
Amex has also leveraged blockchain technology to enhance its $8.7 billion rewards system.