Emaar Group to Launch Blockchain-Based Reward and Loyalty Ecosystem
Dubai-based property developer, Emaar Group is going to launch a blockchain-based referral and loyalty platform later this year. The group is best known for owning the world’s tallest building Burj Khalifa.
Moreover, the program is going to reward Emaar customers with EMR tokens their loyalty and business referrals. More so, the EMR tokens can be redeemed for the firm’s real estate, hotels, eCommerce operations, and malls, as well as traded with other users.
In addition, Mohamed Alabbar, Chairman of Emaar, said:
“We didn’t become Emaar by standing still, or by thinking small. By launching the EMR utility token ecosystem, Emaar is expanding the concept of connection. We aren’t just looking into the future — we are building it.”
Furthermore, the group had earlier announced its plans to launch its referral and loyalty tokens based on the Ethereum Blockchain. However, in the latest press release, the firm said the platform is built on Quorum. Quorum is JP Morgan’s variant of Ethereum.
Loyalty Programs go Blockchain
According to the firm, this is the first in the world of its kind by a real estate company. The firm plans to issue the EMR tokens using Blockchain technology via a mobile application. The loyalty points will not only be redeemable for property and benefits, but also monetary value through external trading platforms.
In fact, the customers will be able to use Emaar’s dedicated EMR mobile application on both Android and iOS to access the referral and loyalty system, earn and redeem EMR tokens. According to Hadi Kabalan, Director of Tokenization at Emaar:
“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.”
In conclusion, the platform and EMR tokens are slated to launch before the end of the year. Early sale of rights have already been conducted by Bitcoin Suisse AG and will end in October.
About The Author
Mary BrendahMy first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.
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