Emaar Properties, a Dubai-based real estate developer, has made an announcement about its future. Emaar has plans on launching a blockchain-based loyalty and referral platform, dubbed EMR, that is built on JPMorgan Chase’s fork of Ethereum: Quorum.
Being one of the world’s top real estate development companies, Emmar properties are best known for the Burj Khalifa, the world’s tallest building. Emaar built the skyscraper in Dubai, United Arab Emirates, with a roof height (Total height with antenna included) of 828 meters (2,716 feet)
Based on a report that was published on the 17th of October via local media ArabianBusiness.com, the EMR platform will reward customers with Emaar’s EMR tokens. Emaar claims that not only is EMR tokens redeemable with Emaar’s real estate, eCommerce operations, malls, or hotels, but it can be traded amongst their other users as well.
Emaar claims that it’s the first product of its kind that’s being launched into the world. It aims to provide its customers with digital tokens via blockchain technology on a mobile application. The tokenization of loyalty points will offer clients all the previous benefits of its current loyalty scheme, as well as real monetary value via external trading platforms.
Mohammed Alabbar, Chairman of Emaar Properties, released a statement about the matter. He explained that Emaar didn’t become what it was by standing still or even thinking small. Through launching the EMR system, Emaar is trying to expand the concept of connection. They’re not trying to look into the future, Emaar plans on building it.
Emaar explained that consumers would be able to make use of Emaar’s dedicated EMR mobile app, releasing both on Android and iOS. Consumers will gain access to the loyalty and referral systems, earning or redeeming EMR tokens in the process.
Both the platform and its tokens are built on Quarom: JPMorgan’s variant of Ethereum. It’s expected to release before the end of this year, with the early sale of rights already conducted via Bitcoin Suisse and ending in October.
Hadi Kabalan, Director of Tokenisation at Emaar, released a statement addressing this. He explained that Emaar has an existing ecosystem and large customer base already, with millions of potential users they haven’t discovered Emaar just yet. Emaar’s blockchain token platform puts the company in a position that allows it to grow its user engagement. They do this by making use of today’s digital-native, mobile-first generation. A generation that expects fairer internet usage and always wants to be part of the conversation.
Emaar is one of many more companies seeing the great potential in cryptocurrency, and will most definitely not be the last. Admittedly, it’s gotten to a point where it could be considered a “craze,” and not a legitimate shift of a technology. It will be interesting to see how blockchain has evolved during, say, fifty years’ time. When this new “digital natives” generation is all old and looking back, it will be interesting to see how the world has changed.