Loyyal, a Blockchain-as-a-Service company of which Reffind has a 14.7% stake, has secured a significant patent in Japan for their blockchain technology.
Loyyal, the industry leader in bringing blockchain technologies to today’s loyalty and incentive programs, announced the award by the Japanese Patent Office of Patent number JP6425808, for Distributed Ledger Protocol to Incentivize Transactional and Non-Transactional Commerce. This latest addition to Loyyal’s growing portfolio of intellectual property covers incentive and loyalty program implementation methods using distributed ledger protocol systems including blockchain technologies, to incentivize transactional and non-transactional behavior.
This same intellectual property along with other associated patents at various stages of approval in over eight territories globally provides Loyyal’s clients in Travel & Hospitality, Financial Services, and other sectors the assurances needed to expand deployment of the industry’s first enterprise-grade blockchain solution for loyalty and incentive programs.
By enhancing their programs’ liquidity and interoperability via Loyyal’s technologies, these market leaders help unlock a portion of the hundreds of billions of dollars in value locked up in member balances today. Key to this particular patent issued is the recognition that the tokenization and management of loyalty program incentives — traditionally points, miles, or “stars” – need not only be for typical behaviours such as purchases; it includes non-transactional behaviours as well, such as reaching a goal or visiting a particular location.
“Having the scope of this innovation recognized by the Japanese Patent Office is a major step forward for Loyyal,” said Thom Kozik, Chief Commercial Officer. “Given the innovation and leadership Japanese firms have historically shown in consumer loyalty programs in the retail sector and elsewhere, we are excited about the new opportunities and partnerships this opens for Loyyal in Japan, and in Asia at large.”
Loyyal, with clients in North America and the Middle East since 2016, formally extended its “Internet of Loyalty” into the region early in 2018 with a major partnership with Reffind, which included an equity investment in Loyyal by Reffind.
“The awarding of this patent reinforces the decision made by the Board of Reffind to invest in Loyyal,” said David Jackson, Chairman of Reffind. “The Asia-Pacific region is where we are focusing our efforts to introduce Loyyal’s platform to loyalty program operators and other VARs who find their innovation being limited by their legacy platforms capability.”
REFFIND Limited is a Software as a Service (SaaS) solutions provider with a product focus on enterprise to employee solutions including rewards, loyalty and recognition, employee communication and engagement. Based in Sydney, Australia the Company is listed on the Australian Securities Exchange (ASX: RFN). The Company has built its growth to date through both organic growth and acquisition.
Loyyal, the Internet of Loyalty™, is reinventing how loyalty is created, rewarded, and managed. Using proprietary blockchain and smart contract technology, Loyyal’s interoperable loyalty and rewards platform brings a host of benefits to a highly fragmented industry and offers brands an innovative way to unlock the billions of dollars in value held captive in legacy loyalty programs today. For information about Loyyal, please visit www.loyyal.com or email email@example.com.