Loyalty programs have evolved significantly since the late 18th century when they were based on copper tokens. Nowadays, most programs operate through mobile apps and digitized systems, eliminating the need for physical stamp cards. However, while this convenience has its benefits, it has also introduced complexity and fragmentation for customers. Loyalty points can vary across different trip components, such as flights, car rentals, hotels, and dining, making it difficult for customers to accumulate and redeem points effectively.
To address this issue, Milk Alliance Inc. has developed a blockchain-based loyalty integration platform called MiL.k. This platform aims to create a universal ecosystem that allows customers to exchange and utilize loyalty points generated from various activities like travel, shopping, entertainment, and leisure. With over 1.5 million users, MiL.k connects Web3 with Web2 service companies through its user-friendly mobile app.
By leveraging blockchain technology, Milk Alliance ensures the security and integrity of loyalty program transactions. Blockchain creates an immutable and transparent ledger of customer interactions, preventing fraud, counterfeit rewards, and unauthorized access to loyalty program data. Aria-Jinwook Oh, the CEO of Milk Alliance, highlights three ways in which blockchain disrupts the loyalty space:
1. Tokenizing loyalty points: Blockchain enables loyalty points to be easily transferred between different services or users without the need for post-settlements among service companies. MiL.k utilizes this feature, allowing users to benefit from cashing out their MLK tokens on top crypto exchanges.
2. Global infrastructure for expansion: Blockchain serves as a global infrastructure that enables companies to expand into new markets. This opens up opportunities for loyalty programs to reach a wider audience and engage customers on a global scale.
3. Data credibility: By utilizing blockchain’s reliability and credibility, loyalty programs can securely share mileage point information, which is an important financial aspect. This enhances trust and transparency for customers.
MiL.k’s unique algorithm controls the discounts based on the supply and demand of loyalty points, ensuring a stable inventory. The platform’s point exchange system eliminates the need for cash settlements between service companies, simplifying the process.
Milk Alliance Inc. has already partnered with top conglomerates and major players in various industries, including AirAsia, OK Cashbag, L.Point, CU, and Yanolja. These partnerships demonstrate the real-world application of Milk Alliance’s approach and its potential to onboard more brands into the Web3 ecosystem.
As Milk Alliance expands globally, Aria Oh, the company’s leader, has been actively participating in blockchain events as a keynote speaker. The partnership with The Sandbox, a metaverse platform, further showcases the potential of gamifying loyalty programs in the metaverse. By establishing partnerships with hotels, airlines, and online travel agencies worldwide, Milk Alliance aims to maximize the utility and service marketing for the growing Web3 market.
Please note that while this article provides information about Milk Alliance Inc. and its blockchain-based loyalty program, it is important to conduct your own research and make informed decisions. Cointelegraph does not endorse any specific content or product mentioned in this article, and readers should take full responsibility for their actions.