Loyyal, an enterprise blockchain loyalty platform provider, has announced the launch of version 2.0 of their Loyyal Product Suite. The release improves transaction processing throughput across the company’s distributed nodes by more than 700%, or nearly 800 transactions per second, per program operator on their network. This is an incredible speed for a blockchain platform (for reference, Bitcoin platform can process 3.5 to 7 transactions per second). In addition, this new release increases database performance by more than 12x by storing metadata associated with blockchain transactions to a more modernised, high-performance distributed database architecture.
Loyyal’s platform is based on a proprietary implementation of the Hyperledger Fabric blockchain framework, with a number of approved and pending patents across various countries. Loyyal’s clients include a major middle-eastern airline, Deloitte, Blackhawk Network, Star Alliance, a major Canadian bank and Bond Brand Loyalty.
Another major new feature of version 2.0 is the incorporation of multi-channel support for Loyyal’s licensees, providing them with greater control over the sharing of their private transaction metadata with selected business partners. This directly benefits large loyalty programs who have multiple earn and redemption partners, and wish to enable sharing of mutual transaction data between the program and its partners under various conditions. Metadata sharing can be enabled with varying security controls, making different subsets of metadata accessible to different partners and under differing conditions, based upon the nature of the business relationship.
“Our clients continue to be our greatest catalyst in helping us advance the feature set and capabilities of the Loyyal Product Suite and our Network of partners,” said Greg Simon, CEO and Founder of Loyyal Corporation. “Large loyalty programs, as well as the software vendors and systems integrators that support them, have come to realize that loyalty and incentives are the killer application for blockchain technology. Our new version 2.0 release provides the capacity to support the transaction volume and data needs of even the largest global programs, and more.”
Continuing their rapid global expansion, Loyyal have recently secured a funding injection from Japanese firm Recruit Co., Ltd. Recruit is a $40bn market cap Japanese company with a dominant presence in the HR, Media and Solution, and Staffing Services technologies. Recruit has strong brand name recognition in Japan. Using Loyyal, Recruit plans to aggressively enter the Japan incentive management industry. This business development relationship will kick off next month at Recruit’s annual conference in Tokyo.
Japan is the second largest loyalty market in the world and very invested in the future potential of blockchain. Loyyal is well-placed to capture a sizeable share of the market with their world-class enterprise blockchain loyalty platform.
Philip Shelper is a loyalty management consultant based in Sydney, Australia who obsesses about everything to do with loyalty and rewards. His company Loyalty & Reward Co are a leading loyalty consulting firm.
Phil is the author of Blockchain Loyalty: Disrupting loyalty and reinventing marketing using cryptocurrencies. Buy the book.
www.blockchainloyalty.io is a global resource centre for everything blockchain loyalty.