Dubai-based property developer Emaar said it plans to launch a blockchain referral and loyalty platform later this year. Emaar is the developer behind the world’s tallest building, Burj Khalifa, and the Dubai Mall, the most visited shopping and entertainment destination in the world with annual revenues of $7 billion.
First of its kind globally
This is the first product of its kind being launched by a real estate company, and they plan to provide Emaar’s customers with digital tokens using blockchain technology on a mobile application. The important aspect of these tokens is that they also represent a monetary value and not just loyalty points, which makes the tokens tradeable.
Dubbed as EMR, the platform will reward tokens to Emaar customers for their loyalty and business referrals. The EMR tokens will be offered to Emaar customers using a mobile app. Customers can redeem the tokens at Emaar’s hotels, e-commerce operations and malls.
The token and platform were developed on enterprise JPMorgan’s blockchain
protocol Quorum. This is a private platform, and the EMR tokens are native to
the EMR platform. The property developer has hired Bitcoin Suisse AG to conduct
a sale of token rights.
According to Arabian Business, both the blockchain platform and EMR token are expected to be released in late 2019.
“We have an existing ecosystem and a large customer base, as well as millions of further potential users globally who have yet to discover Emaar. Our blockchain token platform positions us to grow our user engagement with today’s digital-native, mobile-first generation who expect a fairer internet and want to be part of the conversation,”
said Hadi Kabalan, Director of Tokenisation at Emaar.
Adoption is the key focus
The Middle East & North Africa (MENA) region is still young in the adoption of blockchain, however, such platforms will play a role in promoting the education and adoption of the technology, and normalising the use of tokens in everyday transactions.
In April 2018, the UAE Government launched the Emirates Blockchain Strategy 2021. The strategy targets to capitalise on the blockchain technology to increase the adoption in the country, which is expected to save 77 million work hours and AED 11 billion ($3 Billion) in transaction costs annually.
Meanwhile, companies in other industries across the world have also issued a loyalty programme powered by blockchain. Such programmes have been reported to be in use by Singapore Airlines, Cathay Pacific, and AirAsia, among others.