TCS to streamline Customer Loyalty Platform on Blockchain with R3's Corda

Tata Consultancy Services has launched a blockchain-based multi-brand customer loyalty platform developed on the R3's Corda blockchain platform.

New York-based R3 is an enterprise blockchain company and developer of the Corda open-source blockchain platform.

TCS is looking to streamline the fragmented loyalty programs and offer a simple and frictionless experience to customers using the platform, said the announcement.

The platform will use Blockchain to facilitate a tokenized value exchange. Thus helps in streamlining and consolidating fragmented earning and burning channels from participating brands across the industries.

TCS is trying to address the fragmented market of customer loyalty programs in the industry. Moreover, users can manage, view, and redeem their loyalty points from different brands in one place. This is a win-win for both brands and customers.

Executive Opinion

Global Head, Blockchain Services, TCS, Lakshminarasimhan (Lakshmi) Srinivasan, said, "Customer loyalty programs have proven their ability to bring consumers and brands closer together. The key to unlocking further exponential value is to provide complete control to the consumer on how they like to earn and burn.  An open, incentivized ecosystem can make trillions of loyalty points fungible as digital tokens. We are excited to launch this next-gen loyalty platform for orchestrating the tokenized value exchange."

Chief Executive Officer, R3, David E. Rutter, said, "This is a genuinely innovative approach to improve how brands interact with their customers through loyalty programs. Corda was built and designed to deliver precisely these types of process and efficiency improvements to the interactions across multiple organizations, consumers and channels."

More about the TCS Blockchain platform

TCS offers blockchain advisory, technology, and consulting implementation services. The company also claims to be developing various platforms solutions to drive blockchain adoption among enterprises across multiple industries.

TCS Quartz, which is a blockchain solution, helps enterprises embrace blockchain within their organizations. In April, TCS used cash coins on the Quartz Blockchain-powered BaNCS Network to successfully execute cross-border securities settlement between two central securities depositories (CSDs).

Just like the TCS, some other IT companies like Wipro has also partnered with R3 in May this year, to develop a blockchain-based solution to enable the digital currency for the interbank settlements for a consortium of Bank of Thailand and some other commercial banks in the Southeast Asian country.