SAN JUAN, Puerto Rico, March 14, 2018 (GLOBE NEWSWIRE) -- Blockchain Unbound – The DigitalBits Project (“DigitalBits”) today announced its plans to support the loyalty and rewards industry with the forthcoming launch of its new open-source, decentralized blockchain network. DigitalBits also announced that its blockchain software was originally created from a fork of the Stellar blockchain software. The DigitalBits blockchain network, set to go live on March 19, 2018, aims to solve the challenges of many legacy, centralized loyalty and rewards programs, ushering in a new generation of Loyalty 2.0 programs, and driving greater value for both businesses and consumers.
Loyalty and rewards programs worldwide comprise a multi-billion dollar industry. In the U.S. alone, per data collected by Colloquy, $48 billion worth of consumer loyalty reward points are being dispensed each year; however, one-third are never even cashed in. The cumulative points liability for all U.S. Programs is estimated to be valued at roughly $100 billion.
Businesses want to use loyalty and rewards programs to drive more revenue, enhance customer retention and engagement, and deliver a better overall customer experience. In fact, according to Forrester, 60 percent of firms consider loyalty to be a top three strategic priority. But, many legacy reward programs are problematic for businesses and consumers alike. Consumers experience significant frustrations and limitations when trying to redeem rewards, and the programs themselves often lack liquidity and are costly for many businesses to support.
“Today’s loyalty and rewards industry is still stuck in the 1.0 era,” said Al Burgio, founder of The DigitalBits Project. “People are collecting rewards that go unused due to friction and cost. Customers are unhappy. Businesses are unhappy. And, no one's winning. The market is ripe for disruption and DigitalBits plans to support the next phase of Loyalty 2.0 programs with blockchain technology.”
Anyone is able to create digital assets (also known as tokens) on the decentralized DigitalBits blockchain network (“DigitalBits Network”), including enterprises with loyalty and rewards programs. When such enterprises tokenize their loyalty points on the DigitalBits Network, their loyalty program members will be awarded points in the form of digital tokens that are 100 percent portable / transferable within the decentralized DigitalBits Network. Furthermore, users will be able to trade these various digital assets (e.g. token A for token B) directly on-chain within the DigitalBits Network. Users will also be able to trade these tokens on-chain for the blockchain’s native digital asset called “digitalbits” or XDB. The decentralized DigitalBits Network requires no centralized middlemen to impose excessive fees, and transfers will take only a few seconds and require only a nominal fee.
“This new, decentralized DigitalBits Network aims to help solve the various liquidity issues that exist today with many of the loyalty and rewards programs on the market,” added Burgio. “When such programs tokenize on this blockchain network, it has the potential to enhance the perceived value of many of their loyalty points and rewards because it enables frictionless on-chain transfer and trading between digital assets such as tokenized loyalty points. This will also provide the ability for users to trade such loyalty points instantly for other on-chain tokens that they desire, instead of remaining unused and/or expiring in consumers’ hands, as often occurs today with many restrictive, legacy points programs.”
Stay tuned for the official launch on March 19, 2018; and follow DigitalBits as it attends Blockchain Unbound, taking place March 14-16, 2018 in Puerto Rico, as a silver sponsor; and as its Founder, Al Burgio, speaks at Coin Agenda, March 17-19, 2018, also in Puerto Rico. If you’re interested in setting up a meeting at either event, or are a member of the press or analyst community and are interested in arranging a briefing, please contact digitalbits@marchcomms.com.
Additional Resources
- Join our Telegram community at DigitalBits
- View our video on SiliconANGLE’s theCUBE from Polycon18
- Follow us on Twitter @DigitalBitsOrg
- Find us on LinkedIn at The DigitalBits Project
About The DigitalBits Project
The DigitalBits Project is an open-source project focused on developing a secure, low-cost global transaction network, protocol and tools for anyone to use, including but not limited to businesses with loyalty and rewards programs and their users. The DigitalBits Network’s native digital asset (“digitalbits” or “XDB”) secures the network, enables functional use of wallets, and is required to cover nominal transaction fees on the network. Loyalty program operators can also create their respective loyalty points as digital assets on this decentralized network and users can trade these various digital assets on-chain along with XDB.
The vision for The DigitalBits Project is to see the DigitalBits blockchain help solve certain portability and liquidity issues with many Loyalty and Rewards programs, and help generate additional value for consumers, businesses and certain charitable organizations. For more information, please visit www.digitalbits.io.
All trademarks referenced in this press release are the property of their respective owners.
Press Contact
Rebecca Ferrick
March Communications
digitalbits@marchcomms.com
617-960-9857
This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest. DigitalBits tokens and virtual currencies, in general, are not legal tender, in any country, and are not backed by any government as legal tender, nor should they be treated as such.
This announcement does not constitute a prospectus of any sort; it is not a solicitation for investment and does not in any way pertain to an offering of securities in any country.
This release constitutes a description of the DigitalBits Network and the functionality of DigitalBits tokens; it is for informational purposes only and may change as the technology develops over time.