Last week, blockchain rewards platform MiL.k announced the completion of its integration with South Korean online travel agency Yanolja’s platform. Yanolja customers can now earn rewards and access the MiL.k platform for points, purchases and redemption of points.
Yanolja is the only “unicorn” travel company in Korea with more than 20,000 partner accommodations nationwide. The company has raised a total of $248 million in funding so far and is backed by Booking Holdings, the owner of Booking.com.
Next month, Yanolja will release an update to its app, enabling users to earn Yanolja coins that can be used within the MiL.k ecosystem. MiL.k provides a blockchain solution that combines various reward points systems on one platform and makes them interchangeable with other services. For example, users can use frequent flyer points to pay bills at restaurants.
“By joining the MiL.k Alliance, service companies will increase the utility of their reward points, which is a clear benefit to their customers,” said Jayden Jo, CEO of MiL.k Alliance. “As more and more With the addition of partners, the MiL.k platform will become an effective marketing tool, and partner companies can carry out joint promotions and events targeting the platform’s huge customer base.”
The MiL.k blockchain platform has two types of tokens. Its own MiL.k coin is used as an intermediary tool for exchanging tokens for brand loyalty coins such as Yanolja coins. Any user who wants to buy Reward Points instead of earning Reward Points will need to buy MiL.k tokens (via a cryptocurrency exchange) and use them for brand tokens. They might want to do this if they’re still a few points short of redeeming benefits like airfare. Additionally, loyalty point owners can cash out by selling points on the platform.
“I expect the alliance will provide a wide range of benefits to our customers as MiL.k Alliance has many partnerships in the travel and lifestyle sectors, such as partnerships with duty-free shops and car-sharing platforms,” said Seokhwan, head of marketing at Yanolja Kang said.
While reward point transactions are a feature, MiL.k reduces platform development costs for companies wanting to adopt blockchain. Blockchain, on the other hand, provides much-needed transparency to transactions in this shared ecosystem. According to the MiL.k website, it is currently working with Keyinside, Lambda 256, Seoul Airport Limousine Bus and car-sharing platform Dilka.
Earlier this year, Shinsegae Duty Free announced that it would join the Milk Alliance as a partner.
Blockchain for loyalty programs is a popular use case, and KPMG estimates that blockchain tokens could improve consumer engagement with brands. Previously, card issuer American Express and various airlines including Emirates, Singapore Airlines, Cathay Pacific and AirAsia have adopted blockchain in their loyalty and rewards programs.