The first airline blockchain loyalty scheme has been created by KPMG in cooperation with Singapore Airlines (SIA) and Microsoft.
KPMG, a worldwide network of firms providing audit, tax, and advisory services, assisted in the development of the KrisPay digital wallet, an airline loyalty program for customers of SIA.
The members of the program will be able to instantly exchange their KrisFlyer miles into KrisPay tokens, which they can later be used to purchase products from participating retailers. This innovative solution is not only a means for existing SIA flyers to utilize their miles, but also a way of attracting new partners, and implementing blockchain technology.
The Head of KPMG's Digital Village in Singapore, Jan Reinmueller, stated:
"With the blockchain-based digital wallet, it is a straightforward process for participating merchants to connect with the program and for customers to make purchases with their tokenized miles. The blockchain provides a distributed ledger that time-stamps every customer transaction in real-time, which provides significant cost and time efficiencies."
WHY IS THIS IMPORTANT?
- This is a new way of implementing blockchain technology that can be seen and used by the common person.
- KrisPay will permit members of the program to use their air miles in a wider variety of ways through the new technology.