“There are loyalty solutions that already exist in the market. What blockchain does is there is a common shared ledger between the whole ecosystem. So, everybody has trust in the transactions that is put in (the ledger),” said Gaurav Handa, Director, Advisory Services at EY India. Blockchain is an online record-keeping system  maintained by a random group of peers rather than any central authority.

“The solution will help resurrect loyalty in the digital age by providing a one stop shop offering for all its stakeholders in an increasingly competitive landscape,” said Ram Sarvepalli, EY India advisory services leader.

EY has also collaborated with an Indian startup to solve the conversion problems of tokens.

EY said the solution addresses all contours of the loyalty management lifecycle from loyalty strategy and governance, to partner management and support.

The solution can be customised for smaller businesses looking to introduce loyalty programmes or for large conglomerates looking to maintain existing loyalty programmes while creating interoperability.