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South Korean Agency Launches Blockchain-Based Rewards System 

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South Korea
South Korea

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Yanolja, a major online travel agency, has announced a partnership with blockchain firm MiL.k to provide digital currency rewards to its customers. According to a report from Finance Magnates, the South Korean travel agency is working on launching the Yanolja Coin, anon-crypto asset, for the purpose. The winners will now exchange the asset to Milk Coin, the blockchain’s native cryptocurrency. 

A Smooth, Seamless Reward System

Jayden Jo, CEO of MiL.k Alliance, reportedly explained that the project would allow service companies to increase the utility of their reward points, thus benefiting their customers. 

“As more and more partners are onboarded, the MiL.k platform will function as an effective marketing tool where the partner companies can run co-promotions and events targeted at the platform’s huge customer pool,” he explained further.

MiL.k has gained a reputation across the blockchain and crypto space for helping to reduce the complexity in conducting reward programs. Ideally, earning rewards can be rather cumbersome, as most issuers have issues with transferring the points to the winners. At the same time, the points will also need usage by the issuing company. 

MiL.k’s service, however, is focused on the leisure and travel sector. The company allows customers to earn points from firms in the sector and get the reward points on the MiL.k platform directly. Yanolja also pointed out that customers will be able to use their points and exchange them in several forms, thus providing greater compatibility. 

Jo has pointed out that MiL.k is working on expanding its services to some other industries as well. He additionally explained that the company has plans to move into the culture industry, thus allowing MLK token users to use digital assets for more practical purposes. 

Digital Coupon Industry Sees a Coronavirus-Fueled Surge  

Apart from rewards, blockchain has also been able to help optimize the coupon space. The coupon space, which made its entry with Coca-Cola in the mid-1890s, has grown into a multibillion-dollar industry, with coupons themselves being used by several of the world’s top brands. 

However, the new trend in the industry is the issuance of digital coupons. According to statistics, 126.8 million adults in the United States used some digital coupons or the other in 2016. That metric is expected to increase to 145 million next year. 

With the space growing, blockchain platforms have also been moving into it. Recently, the Coupon Bureau — a nonprofit coupon data exchange platform that works with several consumer product manufacturers – announced that it would be using the Hedera Consensus Service to provide an immutable log of registration data and coupon registration. 

The company is positioning itself to benefit from the coronavirus pandemic, as more people are being encouraged to make digital payments and stay away from cash for now.  

Brandi Johnson, the CEO of the Coupon Bureau, explained to Cointelegraph that customers in the United States had increased their demand for coupons by 30 percent since the pandemic broke out. He added that the trend should continue, as experts haven’t yet devised a cure for the virus and its effects on the economy should still be sustained.

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