French IT services firm Capgemini said it is forming an alliance with ascribe GmbH to develop a blockchain database solution for rewards and loyalty system for consumer banking that tracks processed transactions in real-time.
The blockchain database will enable banks to offer consumers the ability to combine loyalty points from various programmes and use them in real-time for redemption.
As part of the alliance, Capgemini will bring together its financial services, consulting and digital technology expertise in BigchainDB to design and develop a loyalty and rewards system.
The blockchain database solution will help banks to have flexibility on offering a robust reward system that is cost-efficient, and secure, while providing consumers the ability to use rewards across multiple merchants.
“The world wants prototypes and use cases for blockchain technologies,” said Bruce Pon, CEO of BigchainDB, part of ascribe. “Working with Capgemini, we’re going to develop multiple proof-of-concepts that are immediately applicable to the real-world.”
This news follows Capgemini‘s recently announced expansion of its blockchain practice, to develop innovative digital frameworks and prototypes and build a world-class blockchain ecosystem.
The company is collaborating with some of the world's leading financial services organisations on blockchain technology. The ascribe alliance enables Capgemini to execute demonstrations for its retail banking clients.
“The potential of blockchain technology to enable better customer experience is considerable and Capgemini and ascribe are excited to be part of this transformation,” said Sankar Krishnan, Vice-President, Financial Services, Capgemini.
“For loyalty rewards programmes, a blockchain-based solution could enable a real-time, localised view of data for both merchants and consumers, providing opportunities for new rewards programmes for consumers as well as the potential for improved management of assets and resources for merchants.”