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Oracle Blockchain Cloud Service to drive innovation, security and scale
SEOUL, South Korea, Aug. 14, 2018 /PRNewswire/ -- Oracle today announced that MTO Global, an integrated membership platform company, has selected Oracle Blockchain Cloud Service to support its innovative customer loyalty platform, M2O (Membership & Mileage To Opportunity). The program aims to revolutionise mileage-based programs by providing an innovative way to transfer value and enhance the customer experience.
Contrary to the original intention, the value of loyalty programs has diminished over the years for consumers and businesses due to increasingly limited use and expiration of points. Rather than driving an ongoing relationship, these programs are instead being seen as a liability. By taking a different, innovative approach and adopting a new business model that brings improvements to consumers ability to realise value, MTO aims to re-ignite how loyalty programs are delivered and perceived.
The new offering will integrate with MTO's existing mileage-based loyalty system. It aims to provide new opportunities for end users to gain additional value from their mileage points and generate new revenue for MTO and the companies that use it to deliver their loyalty programmes. The distributed ledger technology (DLT) is being used to hold data on accumulated mileage, user history and points converted, as well as personal information, all in a confidential manner. The system aims to empower users to accumulate points, trade and exchange them across the various companies – such as airlines and retailers – participating in the scheme, as well as use points to buy goods in the 'real world'.
"Once we decided that blockchain would be the ideal technology to help bring our 'From Mileage to Opportunity' – M2O – loyalty program to life, we went through a rigorous approach to find the right vendor," said Soowan Kim, CEO, MTO. "We were confident that Oracle's pre-assembled blockchain cloud service could quickly help us realize a trusted platform that empowers users to convert credit card points and air miles to tokens. It also provides us with easy onboarding of new participants, and all the underlying security, scalability, and resilience that are needed for a production solution like this."
M2O is based on Oracle Blockchain Cloud Service. Built on top of The Linux Foundation's Hyperledger Fabric, the service allows organizations to easily build blockchain networks to drive more secure and efficient transactions and to track goods or services. It is pre-assembled with underlying dependencies, management tools and security services, and offers broad plug-and-play integration capabilities with Oracle Cloud, third party cloud services and on-premises applications for faster integration with diverse systems of record.
Changnam Choi, Executive Director of Oracle Korea's Cloud Business said "MTO Global is a great example of the growing number of companies finding innovative uses for blockchain technology. It clearly shows how DLT can be used to deliver real value back to end users and companies alike. We want to help other companies follow suit by making it as easy as possible for them to establish a blockchain network and service underpinned by enterprise levels of security, stability and availability."
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