Dubai-based Emaar Group has disclosed plans to acquire blockchain technology to present the Emaar community token to the customers as well as to partners by the end of this year. The announcement forms a part of Emaar’s focus on modernization.
The Emaar community token will permit the company’s customers and investors to obtain the value of a yardstick and loyalty system across the entire group, opening the Emaar experience likely to billions of internet users.
It would be among the first referral and loyalty tokens in the globe giving an approach to an existent operational ecosystem of almost $10 billion, and an initial coin offering in Europe (ICO) will be regarded within 12 months of the internal functional launch of the platform, according to the statement circulated by the company.
Swiss-based Lykke is heading the technology initiated by Emaar’s community token based on the Ethereum blockchain and the ERC20 token framework.
The token will be negotiable across the entire global Emaar ecosystem, which includes real estate, hospitality, malls, facilities management, entertainment, and online shopping.
Mohamed Alabbar, chairman of Emaar Properties, stated that they are repeatedly aiming to extend their reach, bolster their growth and increase the Emaar experience. They have adopted the digital world even as they continue to develop the most advanced and novel physical structures and they are using for the benefit of customers and stakeholders globally.
Richard Olsen, founder and CEO of Lykke, stated that: they have created cutting edge technology infrastructure with mass-market adoption to back their core belief that all mobile and internet users should be able to take part in economic activity, despite the size of the offering. Thus, they are thrilled to clout their experience and expertise to assist Emaar’s goal to bring value and usefulness to millions of users globally.
In 2018, Emaar’s revenue swelled by 37% to $7 billion and it’s brand value by 39% to $2.7 billion, placing it among the highest tier brands in the world.