It’s obvious that while Bitcoin is popular, not everyone really understands the value of this crypto-currency, while even less people use it. While Bitcoin companies enter the mainstream more and more, there’s a completely other company that’s bringing the benefits of Blockchain Technology (which Bitcoin is also based on) to the localty-points and rewards industry. Meet Ribbit.Me, the world’s first coalition rewards program built on, as I mentioned, Blockchain Technology! Your favourite frequent flyer miles, hotel loyalty points or return-customer retailer programs could use it – very, very soon!

To understand Ribbit.Me and its products such as RibbitRewards, lets just make sure we’re clear on the underlaying technology. A blockchain is basically a public ledger of all transactions in the Bitcoin network, or rewards in Ribbit.Me’s rewards system. While Bitcoin is a popular digital currency in which transactions are performed without a central bank or even a credit card, Ribbit.Me’s Rewards Network is a platform that wants to revolutionize the loyalty points market by offering RibbitRewards which are, as The Wall Street Journal says: ‘Tradable, blockchain-based loyalty tokens’.

One, Universal Loyalty-Point System Makes Sense for Users

While this is all fine and dandy from a technological point of view, what does it actually mean. With one Blockchain-based network or market for loyalty points, a user would be able to use their points from one brand with another at a certain ‘exchange rate’ Ribbit’s Sean Dennis said that for merchants this specific ability cultivates a closer relationship with their most sought-after, loyal customers.

The other benefit of using blockchain is that unlike existing system, it works in real-time, meaning that a user get his or her points immediately after for example checking into a location, like a hotel. The real-time aspect is not just practical from a user’s point of view. It’s great for merchants because it incentivizes users to use the points they get immediately – at that same hotel! Why wait?

Merchants, Don’t Worry About Liability And Monetize Your Points

A big financial incentive to use Ribbit.Me’s technology is that the system basically removes liability on a merchants’ balance sheet because the blockchain actually doesn’t belong to anyone. From a regulatory point of view, the BitLicense that came out in June of this year exempted the use of cryptocurrencies and their underlying blockchain technology when used for retail rewards points.
Deloitte’s banking technology consultant Eric Piscini noted an interesting use of this technology for franchisees in the hospitality industry, where the same brand hotel can, and usually has different owners.By using Ribbit.Me’s products based on a public protocol: ‘You would always know what the liability for the points is for the owner and what it is for the hotel brand chain!

It’s worth noting that Ribbit.Me will probably turn the industry on its head since, as Piscini mentioned, since current practices based on the initial concept that began 20 years ago, with the overlaying technology not changing almost a bit from then on.

What’s certainly going to help Ribbit.Me’s efforts is a good team, with co-founder Sean Dennis being a very passionate blockchain enthusiast who spent most of his life in the United Arab Emirates. His co-founder, Gregory Simon, is a 12 year veteran of international banking and finance that has been involved with blockchain fintech and accounting since its early days in 2012. The rest of the team is made up of experienced professionals such as Chief Architech Shannon Code who has worked with Mastercoin and Gems, while speaking at events such as Cryptolina. To top things off, you definitely need Blockchain scientists, right? One of them is Christopher Franko, an active member of Bitcointalk and lead developer of a cryptocurrency known as Franko, comes in!

To see what the future of all the points you currently have across multiple cards and apps is, visit Ribbit.Me’s homepage and see how you can benefit from one or more of their products. While you might not really be interested in the details of Blockchain, the products you use will probably soon be based on it!