Rewards programs are a great way to build up customer loyalty. The problem is, many of these hard-earned rewards points go unused. MiL.k Alliance is working on using blockchain to stop rewards points from ever being wasted, and make sure that people feel great about the companies they support.
A reward point isn’t considered a unit of currency. With blockchain, rewards points can be used in a number of ways. The points can be swapped for other kinds of rewards points, or even cash. MiL.k Alliance knows that new ideas can be powerful, and it has created new ways to make rewards work for people, and help companies to get the most from their loyalty programs.
There are numerous synergies that exist in the travel and hospitality industry. When a person goes on vacation or must travel for business, they won’t use a single travel service provider. A person may accumulate rewards points from a number of different companies when they travel.
The problem is, even though a person has a number of points, they could fall below the threshold within the loyalty system. MiL.k Alliance has a solution, and it has already been adopted by some major travel companies.
What is MiL.k Alliance?
MiL.k Alliance was officially launched in 2019, and it is a blockchain platform that lets travel, leisure, culture or other lifestyle sector companies work together for their customers. By using a native crypto-token. MiL.k users have a wide range of options for how they will use points.
Instead of being locked into a single reward point system, clients can use a cash exchange feature, or send them as gifts to their family and friends. The concept of an integrated blockchain-based platform for loyalty programs came from Jayden Joo and Rooney Jung, the two co-founders of MiL.k Alliance.
With their strong digital background and their aspirations for blockchain technology, the founders started to turn expectations into reality by setting up the MiL.k Alliance project. The goal of MiL.k Alliance is to make sure that loyalty programs work, and people get the rewards they deserve.
MiL.k Alliance Features
MiL.k Alliance has created a scalable system that works for everyone in the loyalty program ecosystem. Additionally, it allows for lots of flexibility in how points are used or swapped for other valuable things.
Here are some of the main features of the MiL.k Alliance platform:
Two-Type Token System
The MiL.k Alliance platform features two kinds of digital assets – Brand Token and MiL.k Coin.
Here is what they do:
- The Brand Token is representative of the mileage points originally offered by service companies
- The MiL.k Coin is the method of payment for Brand Tokens on the platform
The MiL.k Alliance platform allows customers to use MiL.k Coin (currency) to trade for Brand Tokens (products).
MiL.k Coin will be the only trading option for making transactions in Brand Tokens and will serve as the only way to combine mileage points and turn them into currency on its platform.
When a person earns mileage points, the system will tokenize them in order to extend the mileage points’ accessibility. It will also offer other advantages to users such as discounts, or other incentives as the company develops new partnerships.
As an integrated platform, MiL.k Alliance is creating different blockchains for MiL.k Coin and each Brand Tokens. As there will be no overlap between the two blockchains, problems with information protection, system reliability and efficiency should be totally avoided.
MiL.k Alliance has already partnered with four companies that are active in the South Korean travel industry. The platform integrates the mileage points for practical things like airlines, accommodation, shopping and transportation.
With more companies participating in the MiL.k Alliance, clients will have better ways to use their rewards points. Companies also benefit from their participation, as clients will have a much easier time using rewards points, and will likely favor companies that are within the Alliance.
MiL.K Alliance Advantages
For users, security is one of the biggest concerns when it comes to using any kind of online value storage system. Tokenizing loyalty points through blockchain will make user’s transactions more secure, and offer a open record of the transactions to everyone in the ecosystem.
MiL.k Alliance users have plenty of options to cash out mileage points before they are no longer valid. When customers are happy with their rewards points, everyone in the system is in a better position.
The platform is easy to use and can be used without specific blockchain expertise. Customers can use it to manage, add, and trade reward points. All they have to do is install the MiL.k App, and start collecting rewards points.
Many clients wouldn’t even know that they’re using blockchain, which will help the company maintain a great user experience.
A Larger Pool Creates Upside Potential
MiL.k Alliance is working to create a pool of customer sharing where service companies can collaborate, and leverage their combined customer base. Companies will spend less on building their own mileage system with the assistance of MiL.k Alliance’s blockchain.
Not only does the shared nature of the pool benefit customers, but also lessens the burden on service companies in many ways. Audits are much easier, and they are more likely to be chosen if they are in the pool.
Since MiL.k Alliance is a platform with multiple blockchains are connected, each service company partner can have a separate blockchain. This ensures the customer details of each service company will not be leaked to other companies, or outside the network.
Recently, MiL.k Alliance has expanded its network by adding Shinsegae Duty Free to its list of partners. It already has partnership agreements with Yanolja, Delivery Car and Seoul Airport Limousine.
CEO Cho Jung-min commented, “A new partner in the duty-free shop, Shinsegae Duty Free is an essential element for overseas travel…We can create synergies between services as we can share customers who want to enjoy travel and leisure, such as Yanolza, Dilka, and Seoul Airport Limousine, which have already joined Milk. Users can also use duty-free goods through the Milk platform. You can do a variety of activities, such as purchasing.”
Loads of Opportunities in the Travel Sector
MiL.k Alliance has some clear advantages over other platforms that handle loyalty programs, and it may be able to expand into a sector that is ready to be shaken up.
Travel rewards points can add up quickly, and blockchain is a great way to keep track of how many points a person has earned. With MiL.k Alliance, the ability to exchange those points is added to the mix, which makes it a superb option for anyone who can participate.
Giving people the power to use their rewards points in the wider market is sure to be popular, and it should also attract new travel service providers. Many companies want to use blockchain, and MiL.k Alliance makes it much easier to make the switch to blockchain.
If you want to learn more about how to use MiL.k Alliance for your company’s loyalty program or you want to download the app, just click right here to visit the MiL.k Alliance website. The company has clearly identified a huge opportunity, and is well placed to make a big difference in how loyalty programs are used globally!