Lastweek, the blockchain rewards platform MiL.k announcedthat it completed integrationwith South Korean online travel agency Yonalja’s platform.Now, customers of Yonalja can earn rewards and get access to theMiL.k platform for integrating, purchasing and cashing outpoints.
Yonaljais the only ‘unicorn’ travel company in South Korea and hasover 20,000partner accommodationsacross the country. Until now, the company has raised a total of $248million andis backed by Booking Holdings, the owner of Booking.com.
Nextmonth, Yonalja will release an update to its app toenableusers to earn Yonalja Coin that can be used within the MiL.kecosystem. MiL.k offers a blockchain solution which combines variousrewards points systems on a single platform and makes theminterchangeable for other services. For example, users can spendtheir frequent flyer points for paying the bill at a restaurant.
“Byparticipating in MiL.k Alliance, service companies will increase theutility of their reward points, which is a clear benefit for theircustomers,” said Jayden Jo, CEO of MiL.k Alliance. “As more andmore partners are onboarded, the MiL.k platform will function as aneffective marketing tool where the partner companies can runco-promotions and events targeted at the platform’s huge customerpool.”
TheMiL.k blockchain platform hastwo types of tokens. It’s own MiL.kCoins areused as an intermediate tool to exchange tokens for brand loyaltycoins such as the Yonalja Coin.Any user who wants to buy rewards points asopposed to earn them,needs to buy the MiL.k token (througha crypto exchange)and spend it on the brand token. Theymay want to do so if they are a few points short of converting it fora benefit such as a flight..Additionally, loyalty point owners can cash out by selling the pointson the platform.
“I’mexpecting the alliance will provide a wide range of benefits to ourcustomers because MiL.k Alliance has a number of partnerships in thetravel and lifestyle sectors, for example, with a duty-free store andcar-sharing platform,” said Seokhwan Kang, Head of Marketing atYanolja.
Whilereward point trading is one feature, MiL.k reduces platformdevelopment costs for companies who want to adopt blockchain. On theother hand, blockchain provides much-needed transparency fortransactions in this shared ecosystem. According to theMiL.k website, it is currently working with Keyinside, Lambda256,Seoul Airport Limousine Bus and Dilka,the vehicle sharing platform.
Earlierthis year, ShinsegaeDuty Free announcedit is joining the Milk Alliance as a partner.
Blockchainfor loyalty programs is a popular use case, and KPMG estimatesblockchain tokens can boost consumer engagement with brands.Previously, card issuers Amex,as well as several airlines such as Emirates, SingaporeAirlines, CathayPacific,and AirAsia,adopted blockchain for their loyalty andrewards programs.
