How reward points in Korea for retail companies are working on blockchain

• The South Korean based luxury retail space chain, Shinsegae Duty-Free has teamed up with the blockchain rewards platform MiL.k. 
• This new partnership will provide loyalty points compatibility and management to its user base.

The South Korean based luxury retail space chain, Shinsegae Duty-Free has teamed up with the blockchain rewards platform MiL.k. This new partnership will provide loyalty points compatibility and management to its user base. 

The new partnership between the two companies will allow the luxury retail company and its customers to connect their existing reward account to the MiL.k mobile application. After users link up their accounts, they can trade the Shinsegae loyalty points for in-house cryptocurrency dubbed as MLK.

In turn, this new token can be exchanged for reward points of other partnering offenders such as the Korean travel accommodation platform, Yanolja.

The MiL.k platform itself is built on hyper ledger fabric and the head of international business at the company, Samuel Yun has explained why the company relies on blockchain.

“By using blockchain, we can generate mutual credibility between service companies. Since all the transactions are written on ledgers and encrypted on blockchain, service companies don’t have to worry about any data leakage and just leverage from the synergies within the alliance.”

The CEO of MiL.k has said that adding in Shinsegae Duty-Free to the company's network will bring in millions of customers to the power of blockchain. This will result in great adoption over the Asian region.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!