Blockchain has proven that a superior technology can bring enormous benefits if it finds application. From what started as a niche movement, blockchain has grown into a multi-billion dollar industry that is influencing technology discourses, driving innovation, and shaping sectors that were originally thought to be indomitable.
Because of what this technology has to offer, most governments support it while others oppose some of its applications. However, their approval is what really matters. In addition, given the digital existence of blockchain, the flexibility of innovation, and its distributed, open-source, incentive-based nature, distributed ledger technology (DLT) can be used in virtually endless sectors.
Blockchain for technology implementation
In the software industry, blockchain solutions can be used as an incentive to fully exploit features, benefiting corporations. And rightly so, because software is a huge industry, valued at over $2021 billion in 429 and projected to top $474 billion by the end of the year.
Libra Incentix, a consulting firm and specialist in digital transformation, change management and brand loyalty, has identified a niche where blockchain solutions can be used to encourage software users to fully explore the possibilities and maximize the potential of the tools that companies around the world collectively spending billions of dollars.
Based on authoritative research, Libra Incentix noted that approximately 20% of software features are used regularly, while at least 60% are grossly underused. They concluded that while popular software such as ERP systems can be feature rich, employees miss out on most of its powerful benefits. Subsequently, they launched a platform to accelerate adoption, encouraging research for firms to take full advantage of embedded software.
Libra Incentix has released the LIX platform, a software-as-a-service that crypto-focused businesses and customers can integrate with to set up rewards.
Their blockchain-based reward system allows companies to actively monitor internal team performance in real time and, more importantly, reward employees based on their usage and the introduction of new software features. Rewards are provided in the form of utility tokens that can be used as a discount on products and services in their global marketplace. Clients integrate LIX into their software system via an API and use it as a tool to develop a culture that embraces change and digital transformation.
Blockchain solutions to increase loyalty
A separate, but no less interesting example of using the reward system is devoted to customer loyalty. By integrating LIX with a company's point of sale solution or e-commerce site, the platform can be used as a loyalty management system to allocate and redeem loyalty points. Using the power of smart contracts, LIX can report secure and transparent transactions, reducing the costs associated with errors and fraud. The loyalty system is based on rapidly evolving artificial intelligence (AI) and machine learning (ML) algorithms that determine customer transaction patterns and recommend marketing strategies. With the ability to convert points to cash through digital wallet integrations, as well as converting to its own utility token, Libra Incentix is rapidly revolutionizing the space.
In addition to the LIX platform and native LIXX token, the LIX marketplace is an integral part of the LIX ecosystem. It will be a melting pot for individuals and companies where users can look for ways to spend their rewards and loyalty points. In this way, customers or employees who have been rewarded for implementing change or demonstrating brand loyalty will always know that their loyalty or willingness to use technology was not in vain. Instead, for every point or reward they earn, they can accumulate an asset that unlocks discounts on products and services in the ecosystem, or simply hold on and wait for potential value increases.
Affiliate apps or e-commerce sites can also immediately capitalize on LIX's mature customer base and stay ahead of their competitors, potentially increasing revenue. In this way, partners benefit from improved branding their products or services and get the opportunity to improve and strengthen their marketing strategies.
Thus, the LIX platform and marketplace demonstrate how Block can be put to good use in marketing, technology adoption and brand development. At the same time, there is a shift towards technology and increasing loyalty among users, which benefits customers. Since there is instant redemption and users can redeem loyalty points on the fly, participating partners can increase customer engagement and strengthen their marketing strategy.
