The concept of loyalty programs has evolved significantly over the years. Gone are the days of copper tokens and stamp cards. Today, most loyalty programs operate through mobile apps and digitized systems, eliminating the need for physical cards. However, while this convenience has made it easier for customers to participate in loyalty programs, it has also created complexity and fragmentation.
In the current landscape, loyalty points can vary across different components of a trip or experience. For example, a vacation could earn you points from the flight, car rental, hotel, and dining, but each of these experiences may belong to different loyalty programs that are not interchangeable. This leads to a fragmented collection of loyalty points that customers may never be able to redeem.
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 use loyalty points from various industries, such as travel, shopping, entertainment, and leisure activities. With over 1.5 million users, the MiL.k mobile app connects Web3 with Web2 service companies.
The use of blockchain technology ensures the security and integrity of loyalty program transactions. It creates an immutable and transparent ledger of customer interactions, preventing fraud, counterfeit rewards, and unauthorized access to loyalty program data. This, in turn, fosters customer trust.
Milk Alliance Inc. CEO, Aria-Jinwook Oh, explains that blockchain can disrupt the loyalty space in three ways. Firstly, it can tokenize loyalty points, making them easily transferable between different services or users without the need for post-settlements. Users can even cash out their loyalty points by transferring them to top crypto exchanges.
Secondly, blockchain can serve as a global infrastructure for companies to expand into new markets. And thirdly, it ensures data credibility by leveraging its reliability and security. This is especially important when it comes to sharing mileage point information, which is a crucial financial aspect of loyalty programs.
MiL.k’s unique algorithm controls the discounts offered based on the supply and demand of loyalty points. The rate is determined by the platform’s algorithm, taking into account the current inventory of each point. This helps maintain a stable inventory of reward points and eliminates the need for cash settlements between MiL.k and service companies.
In terms of global expansion, Milk Alliance Inc. has already established a presence in South Korea and is now expanding to the global market. Aria Oh has been actively participating in major blockchain events as a keynote speaker, furthering the company’s global partnerships. One such partnership is with The Sandbox, a popular metaverse platform. Through this partnership, Milk Alliance Inc. has helped onboard a major convenience store chain to The Sandbox metaverse.
As Milk Alliance Inc. seeks to establish partnerships with global companies in the hotel, airline, and online travel agency industries, it aims to demonstrate the real-world use case of blockchain in loyalty programs. The goal is to maximize the utility and service marketing for the growing Web3 market and create an “earn-and-burn” loyalty program that is fun and engaging for customers.
In conclusion, Milk Alliance Inc. and its MiL.k platform are revolutionizing loyalty programs by leveraging blockchain technology. By creating a universal ecosystem and ensuring the security and credibility of loyalty program transactions, they are simplifying the process for customers and driving business growth for companies.