IBM, China UnionPay complete block chain pilot project on bank loyalty points
IBM (IBM.N) said on Friday it completed a pilot project with Chinese credit card company China UnionPay that will facilitate the sharing of loyalty bonus points among banks using block chain technology.
Bonus points earned through purchases on bank cards have long been an effective tool to attract and encourage customers to use specific cards. But since bonus points cannot be freely exchanged among different banks, offering various rewards, many go unused.
IBM's collaboration with China UnionPay will enable consumers worldwide to exchange bonus points from their various banks in less than a minute to select rewards they want.
Block chain, the underlying technology in digital currencies such as bitcoin, has become one of the hottest innovations in the financial services world. Technology companies and banks have been exploring the use of block chain in all facets of both the financial and non-financial industries.
Dr. Shen Xiaowei, director of IBM Research-China and chief technology officer of IBM Great China Group said the company also is partnering with the Hyperledger Project to build a block chain platform and help clients develop more uses for industry.
Source: http://www.reuters.com/article/us-ibm-china-blockchain-idUSKCN11T2G9
Not citing sources of copied works is plagiarism and frowned upon by the community.
Sharing content and add value by:
Repeated plagiarized posts are considered spam. Spam is discouraged by the community, and may result in action from the cheetah bot.
Creative Commons: If you are posting content under a Creative Commons license, please attribute and link according to the specific license. If you are posting content under CC0 or Public Domain please consider noting that at the end of your post.
Not indicating that the content you copy/paste is not your original work could be seen as plagiarism.
If you are actually the original author, please do reply to let us know!
Thank You!