Capgemini and ascribe Ramp Up Blockchain Database for Rewards and Loyalty System

By CIOReview | Wednesday, May 18, 2016
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Zhiwei Jiang, Global Head of Insights and Data, Capgemini Financial Services

Zhiwei Jiang, Global Head of Insights and Data, Capgemini Financial Services

FREMONT, CA: Capgemini, a provider of technology, consulting, and outsourcing services, recently joins hands with Berlin-based startup ascribe, a provider of innovatory text analytics software and solutions to businesses, to develop a blockchain database solution deployed on BigchainDB—a scalable blockchain database—for a loyalty and rewards system for user banking that tracks processed transactions in real-time.

Capgemini will offer its extensive consulting, digital technology, and financial services expertise in BigchainDB to design and develop a rewards and loyalty system. “We help organizations have a common view of the acquired data on the risk and finance in order to maintain consistency,” says Zhiwei Jiang, Global Head of Insights and Data, Capgemini Financial Services.

The blockchain database solution provides consumers with the ability to use rewards across multiple merchandisers. It will help banks to have flexibility on offering a cost-efficient, secure, and robust reward system. It also enable banks to offer consumers the power to combine loyalty points from various plans and apply them in real-time for redemption.

Sankar Krishnan, Vice President, Financial Services, Capgemini says that blockchain technology has its potential to enable a better customer experience and Capgemini and ascribe are excited to be part of this translation. Further he adds that a blockchain-based solution could enable a localized, real-time view of data for both consumers and merchants in the loyalty based reward programs. It paves the way for new rewards plans for consumers as well as improved management of resources and assets for merchants.

Through its partnership with ascribe, Capgemini will be able to carry out demonstrations for its retail banking customers. Recently, the company hired a core team consist of leading blockchain technology specialists to build innovative digital frameworks and prototypes to bring a world-class blockchain ecosystem and to expand its blockchain practice.