Customers who download the foodchains app will earn FAN tokens each time they make a purchase at participating restaurants by scanning a QR code, writing reviews about their dining experience, and other community-related actions.
“Small to medium-sized restaurants often struggle with traditional loyalty programs and reward systems as a result of their limited size and high integration costs. Blockchain technology allows us to streamline the execution and administration of our loyalty programme with near real-time transparency, resulting in cost savings that can be realised in the medium term,” says Clement Lee, Co-founder and CEO of foodchains.
The venture plans to roll-out its programme to Wheelys Cafe, a Y Combinator-backed bicycle cafe chain with more than 900 cafes in 73 countries, as well as to 60-plus independent Shanghai-based restaurants, with beta testing due to begin in India.
“Things are moving at a fast and furious pace in the cryptosphere. We believe that our experience in the restaurant sector and qiibee’s already proven expertise and proof-of-concept will allow us to rapidly deploy the platform on a global scale,” says Lee.
Co-founder and CEO of qiibee, Gabriele Giancola, comments: “foodchains’ business model is a perfect use case of the qiibee infrastructure, whereby a loyalty programme is built from scratch. We want to help brands such as foodchains engage with blockchain technology without the need for cost-intensive integration, and by making the loyalty landscape more efficient and user-friendly, we aim to make it a better and more seamless experience for both brands and their customers.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.