Loyyal, a New York-based blockchain-based loyalty and rewards platform, has snagged a contract with Dubai Holding, a multinational investment conglomerate. The partnership is a part of the Dubai Future Accelerators program, the government-supported accelerator program that has notably pinned blockchain technology front and center.
According to the announcement, the tie-up will see a blockchain pilot deployed toward loyalty programs in both business-to-customer (B2C) and corporate (B2B) propositions of Dubai Holding. Loyyal’s proprietary blockchain and smart contract solutions will be used and the startup sees partners like likes of IBM, Deloitte, the Hyperledger Project and now, the Dubai Future Foundation.
In statements, Ahmad bin Byat, managing director of Dubai Holding said:
Loyyal will be leading a pilot deployment to create innovative, feasible and cost-effective solutions for enhancing the interaction between the Group’s businesses, ultimately enhancing our offerings to customers and business partners.
The contract was formally signed on November 24th and is facilitated by the Dubai Future Accelerators (DFA) programme. The inaugural program brings together innovative solutions from entrepreneurs, startups and companies, with up to $2 million of venture capital, every month.
Also read: Blockchain Technology Promises Major Benefits for Loyalty Rewards Programs
The government-supported accelerator claims to be the largest of its kind globally and is one of many technology-forward initiatives by the Dubai government that notably includes the Dubai Future Foundation, which recently launched the ‘Global Blockchain Council.’ Established in February 2016, the Council will research and explore blockchain’s potential in real world applications. The Council put forth its plans for blockchain initiatives the following month.
Saif Al-Aleeli, CEO of the Dubai Future Foundation and a founding member of the Global Blockchain Council stated:
We established the Global Blockchain Council here in Dubai less than a year ago, and are already seeing impressive advancements in the uptake of this technology.
“We are pleased by Loyyal’s progress with Dubai Points, their partnership with the private sector and we look forward to working even closer with them as they bring the Blockchain future to reality,” the executive added.
The most notable blockchain endeavor by the Dubai government, so far, is its pledge to see all government documents on a blockchain by the year 2020.
Image from Shutterstock.
Last modified: July 2, 2020 8:20 PM UTC