Blockchain based loyalty system
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The client approached us with a need to develop a cryptocurrency based loyalty program. The reward points must be issued in form of cryptocurrency. Users can earn points and discounts and transact or share their points with friends as per their wish. The admin on the other side must be able to view transactions by users or shops.
- The time taken to list user transactions using the Ethereum network was very high. Retrieving the user transaction history in a faster manner was a difficulty for our developers.
- Ensuring secure transaction of the loyalty points.
- For faster retrieval of user logs, these information must be cached to a different database. We used MongoDB, for caching these information which resulted in faster retrieval of data.
- We utilised the advantage of blockchain technology as transaction is considered valid only when majority of the mining nodes agrees that it is a legitimate transaction. There by ensuring the security and authenticity of each transactions.
- Dexlock onboarded the blockchain technology to develop a cryptocurrency-based loyalty system.
- Smart contracts were created and deployed to control various kinds of transactions on the loyalty system.
- Smart contracts could be used to define how a commodity can be transacted and the rules governing such transactions.
- Through this platform, users can earn loyalty points and exchange them between customers and commercial establishments or between customers and customers.
- Ethereum Blockchain