Capgemini has formed an alliance with German startup ascribe to develop a blockchain database solution for a rewards and loyalty system for consumer banking that tracks processed transactions in real-time.
Built on BigchainDB1, the blockchain database will enable banks to offer consumers the ability to combine loyalty points from various programs and use them in real-time for redemption.
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Under the partnership, Capgemini will bring together its financial services, consulting and digital technology expertise in BigchainDB to design and develop a loyalty and rewards system.
Bruce Pon, CEO of BigchainDB, part of ascribe, said: "The world wants prototypes and use cases for blockchain technologies. Working with Capgemini, we’re going to develop multiple proof-of-concepts that are immediately applicable to the real-world."
Capgemini vice president of financial services Sankar Krishnan said: "The potential of blockchain technology to enable a better customer experience is considerable and Capgemini and ascribe are excited to be part of this transformation.
"For loyalty rewards programs, a blockchain-based solution could enable a real-time, localized view of data for both merchants and consumers, providing opportunities for new rewards programs for consumers as well as the potential for improved management of assets and resources for merchants."
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