iCashRewards (iCash), a leading blockchain-based loyalty rewards solution provider backed by Digital One Asset Foundation, on October 7, 2019, announced that it is mulling the use of DigitalBits blockchain to tokenize its reward points. We are excited to see iBank Digital and iCash join the DigitalBits ecosystem,” stated Al Burgio, Founder of DigitalBits. “Our vision has been focused on designing DigitalBits as a network layer blockchain for brand currencies, including assets such as loyalty and rewards points, making it perfectly suited for iBank’s endeavour into the points economy.”
CashRewards’ recipients will be able to use the iCash loyalty token as a form of payment on iBankEx and iCash Ecosystem, allowing users to benefit from reduced exchange and transaction fees.
Leveraging Blockchain to Tokenize Reward Points
Distributed ledger technology (DLT) is widely considered to be the next big thing to disrupt all the existing mechanisms in the world in a manner akin to the Internet in the 1990s. Fragments of this optimistic declaration can already be found in the fields of supply chain management, real estate, finance, and gaming, among others.
Increasing complexity in global supply chain management has forced businesses to reassess their transit strategies. Seemingly, blockchain technology that undergirds cryptocurrencies like bitcoin, ether, and others, has emerged as a silver bullet for the cobweb of global supply chain channels.
Often accused of being blown out of proportion, blockchain’s use in the supply chain management (SCM) space doesn’t seem to be up for argument. The emerging tech’s immutability and safety make it one of the safest bets to oversee the thinly distributed tributaries of the global SCM system.
Now, in yet another first-of-its-kind, DLT is being leveraged to tokenize loyalty points. Per sources close to the matter, iCashRewards’ recipients will now be able to utilize the iCash digital token to make payments to iBankEx which will help them incur lower exchange and transaction fees.
Min Kuang, Founder of the Digital One Asset Foundation, commented on the decision to collaborate with DigitalBits blockchain instead of the more popular alternatives like Ethereum. Kuang said:
“Initially we focused on tokenizing the iCashRewards loyalty token on the Ethereum network, however, in addition to the added technical benefits, our vision is also aligned with DigitalBits’ focus on supporting brand currencies. This also strategically aligns with iCash being integrated with PundiX to provide fiat to crypto processing services and point-of-sale solutions with merchants.”
DLT and the Points Economy
iCash digital token has already been launched on the blockchain ecosystem of IOST, Kcash, ZOS, Pundi X, iBOFi, iBankEx, Xpass and XPOS, Digital One Asset Foundation, iBank Digital Asset, and Cao Jun Art Institute. Notably, iBankEx also supports major cryptocurrencies like bitcoin (BTC) and ether (ETH).
Al Burgio, Founder of DigitalBits, commented on the business partnership, saying:
“We are excited to see iBank Digital and iCash join the DigitalBits ecosystem. Our vision has been focused on designing DigitalBits as a network layer blockchain for brand currencies, including assets such as loyalty and rewards points, making it perfectly suited for iBank’s endeavour into the points economy.”
As of Japan-based cryptocurrency exchange Coincheck had launched a program to reward Tokyo residents with bitcoin rewards if they paid their gas bills with the top cryptocurrency.