Reefic Blockchain - Smart Contract for Validating Loyalty Assets

Published in

Reefic

3 min readNov 10, 2018

In the previous article, we shared more about Reefic Protocol — A Connected Loyalty Ecosystem and its key points where customers have the fluidity and security of exchanging reward points and vouchers across multiple loyalty programs and selected cryptocurrencies

Reefic Protocol will also be powered by a next-gen blockchain protocol.

This removes the costly gas fees required to process smaller transactions on conventional networks, thereby benefiting the merchants and customers. Solution providers can gain the ability to implement and administer their programs efficiently with accountability, building towards cost-savings that can be justified in the medium term.

Reefic Protocol also allows Smart contracts:-

Records are uniquely identified and automatically time-stamped, using consensus network protocols to agree upon the sequence of contract actions between multiple parties including legacy systems.
In Reefic Protocol, this would allow the tracking of loyalty points on the system to measure the effectiveness of rewards and redemptions.

How Reefic Protocol will change the validating Loyalty Assets

Rather than creating generalized smart contracts, Reefic Protocol has specific Smart Contracts to handle the exchange and validation of reward points. It is important to remember than Reefic Protocol is by itself not a loyalty or CRM solution, merely a facilitator for the exchange of unused reward points

Having a specific smart contract template, it will be easier and faster for other merchants and solution providers to be able to onboard onto Reefic with minimum development. This reduces the potential for smart contract bugs to occur and propagate throughout the blockchain network.

A smart contract is initiated between two Parties — Cust(A) and Cust(B) who wants to have their points from two different CRMs — CRM(X) and CRM(Y) exchanged. Cust(A)’s points in CRM(X) is blockchained on CRM-Chain(X), while Cust(B)’s points in CRM(Y) is recorded on CRM-Chain(Y).

There are about 26 steps in the Smart Contract: