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Thu 17 Oct 2019 03:40 PM

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Emaar says to launch blockchain loyalty tokens system by end-2019

Emaar Properties set to release a new referral and loyalty platform later this year called EMR

Emaar says to launch blockchain loyalty tokens system by end-2019
Mohamed Alabbar, chairman of Emaar.

Dubai-based developer Emaar Properties said on Thursday it is releasing a new blockchain-based referral and loyalty platform later this year.

Named EMR, the platform aims to reward Emaar customers with tokens for their loyalty and business referrals. EMR tokens will not only be redeemable in Emaar’s real estate, hotels, ecommerce operations and malls, but can also be traded with other users, the company said in a statement.

Emaar said this is the first product of its kind being launched in the world, which aims to provide customers with digital tokens using blockchain technology on a mobile application.

Tokenisation of loyalty points not only provides users with all the benefits current loyalty schemes offer, but also provides real monetary value through external trading platforms.

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Mohamed Alabbar, chairman of Emaar, said: “We didn’t become Emaar by standing still, or by thinking small. By launching the EMR utility token ecosystem, Emaar is expanding the concept of connection. We aren’t just looking into the future — we are building it.”

Consumers will be able to use Emaar’s dedicated EMR mobile application on Android and iOS to access the referral and loyalty system and earn or redeem EMR tokens. 

The platform and tokens are built on Quorum, the JPMorgan variant of Ethereum, and are expected to be released before the end of the year, with an early sale of rights having been conducted by Bitcoin Suisse and ending in October.

Hadi Kabalan, director of tokenisation at Emaar, said: “We have an existing ecosystem and a large customer base, as well as millions of further potential users globally who have yet to discover Emaar. Our blockchain token platform positions us to grow our user engagement with today’s digital-native, mobile-first generation who expect a fairer internet and want to be part of the conversation.”