TCS on wednesday took a significant Blockchain move by launching a blockchain-based multi-brand customer loyalty platform by making use of enterprise Corda, the blockchain company R3’s platform.

TCS, the IT services provider, wishes to open up a market opportunity to bring in together customer loyalty programs offered by various brands. The company has created a loyalty platform that uses blockchain to facilitate tokenized value exchange, which in turn aids to “streamline and consolidate fragmented ‘earning and burning’ channels from participating brands across industries,” it explained.

Lakshminarasimhan (Lakshmi) Srinivasan, the Global Head of Blockchain Services in TCS, mentioned, “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.”

TCS’s Blockchain Services have a lot to offer from blockchain advisory to consult, and not just that, they have also been building products that specifically cater to enterprises across industries.

David E. Rutter, Chief Executive Officer, R3, agrees that this is indeed a truly innovative approach that works towards enhancing brands and customer interaction 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,” he further added.