Blockchain proved that superior technology could be immensely beneficial if they find adoption.
For what started as a niche movement, Blockchain has blossomed to be a multi-billion industry that is influencing technological discourses, fostering innovation, and shaping sectors initially thought to be indomitable.
Because of what the technology brings to the table, most governments support the technology while others oppose some of the tech’s applications. Nonetheless, their endorsement is what truly matters.
Besides, considering the digital existence of Blockchain, the flexibility of the innovation, and its open-source, distributed nature powered by incentivization, Distributed Ledger Technology (DLT) can be used in near-infinite sectors.
How Blockchain can be used to incentivize technology adoption and gel loyalty
In the software industry, blockchain solutions can be used as an incentive to fully utilize features, benefiting corporations. It is rightly so because software is a massive industry worth over $429 billion in 2021 and is projected to soar above $474 billion by the close of the year.
Libra Incentix, a consultancy firm and specialist in digital transformation, change management, and brand loyalty, has identified a niche where blockchain solutions can be utilized to encourage software users to fully explore features and maximize the potential of tools companies around the world cumulatively spend billions of dollars on.
Based on reputable studies, Libra Incentix noted that roughly 20 percent of software features are regularly used while at least 60 percent are extremely underutilized. They concluded that though popular software such as ERP systems may be feature dense, employees are missing out on most of its powerful benefits. Subsequently, they launched a platform to boost adoption by encouraging exploration for firms to reach the full benefits of incorporated software.
The LIX Platform
Libra Incentix has released the LIX Platform, a software-as-a-service that crypto-leaning businesses and customers can integrate with to set up rewards.
Their Blockchain-leveraging reward system allows businesses to, in real-time, actively monitor the team’s internal performance, and more importantly, reward employees based on their usage and adoption of new software features. The rewards come in the form of utility tokens which can be redeemed as a form of discount on products and services within their global marketplace.
Customers integrate LIX into their software system via an API, and use it as a tool for cultivating a culture that embraces change and digital transformation.
A separate but equally exciting use case for the reward system is dedicated to customer loyalty. By integrating LIX with a company’s Point-of-Sale solution or ecommerce site, the platform can be used as a loyalty management system to distribute and redeem loyalty points. Leveraging the power of smart contracts, LIX can report secure and transparent transactions, reducing costs associated with errors and fraud. The loyalty system is powered by rapidly evolving Artificial Intelligence (AI) and Machine Learning (ML) algorithms that map out clients’ transaction patterns and recommend marketing strategies. With the ability to transfer points into cash via the integration with digital wallets, as well as conversion into their own native utility token, Libra Incentix are rapidly revolutionizing this space.
The LIX Marketplace
Besides the LIX Platform and the native token, LIXX, an integral part of the LIX ecosystem is the LIX Marketplace. It will be a melting pot for individuals and companies where users may be looking for ways of spending their crypto rewards and loyalty points.
The LIX Marketplace is also a portal for dApps and startups to promote their services and products. By releasing a suitable platform bringing together token and loyalty point owners with ambitious startups, Libra Incentix is desirous of creating a cyclic and vibrant ecosystem.
In this setup, customers or employees rewarded for adopting change or demonstrating brand loyalty will always know that their loyalty or willingness to embrace technology wasn’t in vain. Instead, for every point or crypto reward earned, they can accumulate an asset that unlocks discounts on products and services within LIX’s ecosystem, or simply hold and wait for potential increases in value.
Thus far, Libra Incentix has partnered with a global ERP and POS provider, as well as B2B and B2C eCommerce platforms, with further initiatives that support software developers in launching and penetrating the market with new dApps.
LIX users will be directed to their product offerings or services, allowing partnering dApps or eCommerce sites to immediately tap on a developed client base and get ahead of their competitors, potentially boosting profits. Therein, loyalty points and crypto rewards would be accepted as a means of payment, and users would further receive discounts. This way, partners benefit from better branding for their products or services and stand in a position to refine and strengthen their marketing strategies.
The LIX platform and marketplace demonstrate how Blockchain can find proper application in marketing, technological adoption, and brand development. While at it, there is a pro-technology shift and loyalty enforcement amongst users and benefiting customers. Because there is instant redemption and users can swap loyalty points on the fly, participating partners can boost client engagement and strengthen their marketing strategy.