Blockchain to enable universal reward system for loyalty programs: Interview with Aria Oh

Loyalty programs had come a long way from the copper tokens of the late 18th century. Milk Alliance Inc. is a blockchain-based loyalty platform that aims to create a universal ecosystem for customers to exchange and use loyalty points generated from travel, shopping, entertainment, and leisure activities. 

Along with over 1.5 million users, the platform connects various services in the lifestyle, travel, and leisure industries. The platform, which connects Web3 with Web2 service companies plans to simplify the process of establishing loyalty programs and reduce complexity and fragmentation. 

Program points can be different with each trip component, leading to fragmented point collections. The platform’s user-friendly mobile app connects Web3 with Web2 service companies, allowing customers to redeem loyalty points they would likely never redeem.

How Blockchain Transforms Loyalty Programs

During an interview with Cointelegraph, Aria-Jinwook Oh who is the CEO of Milk Alliance Inc. said that blockchain creates a permanent and transparent database of consumer interactions, ensuring the security and integrity of transactions related to loyalty programs. Blockchain can use by companies that run loyalty programs to reduce fraud, fake incentives, and illegal access to program data, all of which can increase customer trust.

Aria outlined three ways blockchain technology can upend the loyalty market: Loyalty points could easily transferred between other services or users by tokenizing them using a dependable and safe system, negating the requirement for service provider post-settlement agreements.

And the second point is blockchain as a global infrastructure that allows businesses to enter new markets.Aria went on to say that the third factor is data reliability by  saying that “an important financial aspect can handled with security by using blockchain and utilizing its reliability and credibility, sharing its mileage point information.”

Apart from that by using the three principles that Aria mentioned, Milk Alliance Inc. can take as a real-world application that helps integrate more brands into Web3. Top companies and significant players in every industry have cooperated with the organization, such as the 600 million-customer global airline AirAsia, reward integration platforms like OK Cashbag and L.Point, the big convenience store chain CU in South Korea, and the Korea-based online travel agency Yanolja.

MiL.k’s Algorithm

MiL.k is the owner of a patent for its unique algorithm, which regulates the discounts according to the supply and demand for points.The platform’s algorithm determines the fee based on the current inventory at each stage.As Aria demonstrated, as more users exchange AirAsia points to earn MLK in a certain period, AirAsia inventory rises and the discount rate rises as well, increasing demand for AirAsia points.

This model aids MiL.k in keeping an ongoing supply of reward points on hand. As a result, there are never any freshly credited reward points because MiL.k’s business model maintains an inventory of reward points.

Further Aria Oh now spearheads Milk Alliance Inc.’s global expansion after moving from the vanguard of blockchain technology to the New York City fashion runways.MiL.k is currently working on bringing up the business international level after making its mark in South Korea.Moreover, Aria has devoted her 2023 to attending significant blockchain conferences, such as Gitex Global in Dubai as well as the European Blockchain Convention in Barcelona.

Global Expansion Efforts

MiL.k has collaborated with The Sandbox valued at over $1 billion, after realizing the potential of gamifying loyalty programs in the metaverse.Milk Alliance Inc. assisted in bringing a significant convenience store chain with more than 17,500 locations to The Sandbox metaverse through this collaboration.

As loyalty point programs continue to use globally to increase consumer loyalty and spur business expansion, Milk Alliance Inc. actively tries to form alliances with major corporations, including hotels, airlines, and online travel agents.

Moreover, Aria believes MiL.k will demonstrate that it is a legitimate blockchain use case, optimizing service marketing and utility for the expanding Web3 industry. Furthermore, Aria Oh now spearheads Milk Alliance Inc.’s global expansion after transitioning from the vanguard of blockchain technology to the New York City fashion runways. Additionally, MiL.k is currently working on elevating the business to an international level after making its mark in South Korea.