TCS Launches Blockchain-based Multi-brand Customer Loyalty Platform on R3’s Corda
Tata Consultancy Services’ Platform to Streamline Fragmented Loyalty Programs and Provide a Simple and Frictionless Experience to Customers
NEW YORK | LONDON | MUMBAI, October 23, 2019: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, announced the launch of a next-generation blockchain-based multi-brand customer loyalty platform using R3’s Corda.
The rise and popularity of customer loyalty programs have brought clear benefits to customers and brands, improving customer retention, driving higher cart values and helping brands identify their more profitable customers. However, the proliferation of these programs makes it hard for customers, who have to manage multiple loyalty programs to interact with different brands.
Responding to this market opportunity, TCS has designed and built a loyalty platform that uses blockchain to facilitate tokenized value exchange, making it possible to streamline and consolidate fragmented ‘earning and burning’ channels from participating brands across industries. Users can view, manage, and redeem their loyalty points from different brands in one place, ensuring a seamless and frictionless experience.
“Customer loyalty programs have proven their ability to bring consumers and brands closer together. The key to unlocking further exponential value is to provide complete control to the consumer on how they like to earn and burn,” said Lakshminarasimhan (Lakshmi) Srinivasan, Global Head, Blockchain Services, TCS. “An open, incentivized ecosystem can make trillions of loyalty points fungible as digital tokens. We are excited to launch this next-gen loyalty platform for orchestrating the tokenized value exchange.”
David E. Rutter, Chief Executive Officer, R3, said, “This is a genuinely innovative approach to improve how brands interact with their customers through loyalty programs. Corda was built and designed to deliver precisely these types of process and efficiency improvements to the interactions across multiple organizations, consumers and channels.”
TCS’ Blockchain Services offers blockchain advisory, consulting and technology implementation services. It is developing various platform solutions to drive blockchain adoption amongst enterprises across multiple industries. TCS’ award-winning Quartz™ Blockchain solution is a critical accelerator that helps enterprises embrace blockchain within their organizations as well as to build an ecosystem while co-existing with extant systems.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for the last fifty years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 450,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $20.9 billion in the fiscal year ended March 31, 2019, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.
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