Webinar - Loyalty Reward Points Using Blockchain
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The document discusses the implementation and advantages of blockchain technology, specifically for loyalty reward points management, emphasizing its strategic value in reducing costs, increasing efficiency, and enhancing security. It outlines the architecture of a private Ethereum network utilized for managing reward points through smart contracts, highlighting the necessity of transparency and a single source of truth. Additionally, the document presents benefits such as secure identity verification and improved pricing mechanisms facilitated by blockchain's immutable and automated features.
Webinar - Loyalty Reward Points Using Blockchain
- 1. JKT - a HIGH IQ company, excelling in innovation & quality Loyalty Reward Points Using Blockchain
- 2. SPEAKERS AKASH GOVANI Tech Project Manager – Digital 6 years in leading Digital Transformation initiative IMT Ghaziabad (MBA), Nirma University (CS) Kumar Gaurav Blockchain Developer- Digital B.Tech, IIT Patna
- 3. BLOCKCHAIN
- 4. BLOCKCHAIN - TRANSPARENCY, EFFICIENT, AUTHENTICITY, PRIVACY Broader participation, lower cost, increased efficiency Distributed Systems (Distributed consensus, Fault Tolerance, Replication) Cryptography (Merkle hashes, Signing, Proof- of-Work) Networking (P2P networks, communication protocols) Databases (Transaction processing, Consistency, Linearization) Smart ContractShared Ledger CryptographyConsensus Business terms embedded in transaction database & executed with transactions Ensuring secure, authenticated & verifiable transactions Append-only system of records shared across business network All parties agree to network verified transaction
- 5. Blockchain – Strategic Value • World Economic Forum survey suggested that 10 percent of global GDP will be stored on blockchain by 2027 • past two years alone have seen more than half a million new publications on and 3.7 million Google search results for blockchain • Venture-capital funding for blockchain start-ups consistently grew and were up to $1 billion in 2017. A McKinsey & co analysis suggests the following three key insights on the strategic value of blockchain: - encourages permissioned commercial applications. - Shot Term Value – reducing cost - Long Term Value – Business Model transformation - Road Block – difficulty of resolving the “coopetition” paradox
- 6. Benefits of Blockchain • Reduction in KYC costs • Secure Identity • Compile documentation on customers and stakeholders (KYC) is a costly, time-consuming process • Efficient and quicker settlements • Financial processing can be greatly enhanced via smart contracts • Lower risk of fraud and theft • No data centralization as its particularly vulnerable. E.g. theft of millions of customers' personal data as Yahoo (1 Billion, 2013), JP Morgan (76 Million, 2014) LinkedIn (117 million, 2012) • Data is encrypted and immutable • Automation of tasks • Automated process and render more security by eliminating the need for certain human input • Better pricing • Behavioral factors compiled by connected devices and exchanged on a blockchain, can influence risks and thus pricing can be almost constantly adjusted and optimized Cut costs Strengthe n security Bring efficiency Simplify compliance New digital business models Goldman Sachs considers that blockchain technology in banking could save the industry between US$ 3 billion and US$ 5 billion in costs
- 7. Blockchain Platforms for Business •Input–output •Contract– Transaction Rule •Endorsements •Adapted runtime •Purpose-built VM Determinism •Read-write sets •Single spend •Contract checks Conflict Prevention
- 8. Ethereum • A distributed blockchain platform which supports app development as both a public blockchain as well as private configuration. • At the heart of Ethereum is the Ethereum Virtual Machine, running inside each node that has the capability to execute smart contracts and store the outcome (transactions) in a blockchain. Key Elements • Ether • The underlying cryptocurrency which is the basic tradeable entity in the network as well as facilitates execution of smart contracts • Ethereum Virtual Machine • The virtual machine on the network running on each node which executes the smart contracts. • Smart Contracts • Basically a function performing a user defined function which can be executed on the ethereum network. Smart contracts are deployed on the ethereum network and are executed by every full node in the network.
- 9. Technical stack of a Private Ethereum Setup
- 10. 10 Blockchain – Loyalty Reward Points Problem Statement How to effectively manage a reward points Proposed Solution A permissioned blockchain network with stakeholders as participating nodes. Work A private Ethereum network was setup. A smart contract was developed to read data from a JSON string posted by the Progress application via an API call. The data received from is stored on Ethereum chain. Business Benefits • Single source of Truth • Transparency Ethereum Private Network on AWS EC2
- 11. Track n Trace: Technology Stack BLOCKCHAIN Oracle SERVER
- 12. An AWS instance with Ubuntu preconfigured Installing pre-requites like NodeJS, npm, Truffle, etc Installing Go-Ethereum using PPA Using Geth to setup the nodes as required by the use case Loyalty Rewards: Deployment steps
- 13. Loyalty Rewards: Deployment steps – 2/2 Creating the genesis block using geth,puppeth or writing a custom json file. Starting the mining process using Geth(blocks will be generated at a specified rate) Setting up the node server with embedded web3js to communicate with the deployed smart contract Starting the node server to listen to api calls
- 14. Web3 JS
- 17. Key Takeaways What is Blockchain? Strategic value of Smart Contracts for Program Creating a Private network on AWS
- 18. Q & A Email: marketing@jktech.com
- 19. THANK YOU I N D I A JK Technosoft Ltd. A-2, Shopping Complex, Masjid Moth, G.K. II, New Delhi – 110048 Tel: +91 11 29222864-65 Fax: +91 11 29228048 NOIDA F-2 & F-3, Sector-3 Noida – 201301, INDIA Tel: +91 120 4606200, 4606300, 4084500, 2539133 Fax: +91 120 2539132 U N I T E D K I N G D O M JK Technosoft (UK) Ltd. Atrium Court, 100 The Ring, Bracknell, Berkshire, RG12 1BW, United Kingdom Tel : +44 (0) 1344 393032 U N I T E D S T A T E S Proserve Consulting Inc. 608, Fifth Avenue, Suite 401, New York, NY 10020 USA Tel: +1 212 265 1626 Fax: +1 212 586 4067 BANGALORE GGR Tower 1st Floor Sy # 18/2b, Ambalipura Road, Ambalipura Village Sarjapur Road, Bangalore – 560 103 Tel: +91 080- 30598300 KOLKATA Asyst Park 1st Floor, GN 37/1 Sector 5, Salt Lake Kolkata – 700091 B A N G L A D E S H JK Technosoft Ltd. 98 Block-C Road 11 Banani Model Town Dhaka-1213 Email: marketing@jktech.com
Editor's Notes
- #3: IDS- Indian Armed Force : Automation of all drug distribution depots and connected to all the hospital across the country. Indian Coast Guard: Design, Development, Implementation, and Support for Automation of Service Healthcare Administration Air force: Automation of 200 medical units and 11 hospitals across the country. Kerala: Automation of 1300 medical units which includes Hospitals, medical collages, CHC, PHC, health workers spread across the state. Dadra Nagar : Automation of 60 medical units which includes Hospitals, CHC, PHC, health workers spread across the UT. HAL: Supply, Installation and commissioning of HMIS HIL: Procurement of Services for Post Implementation Support for SAP Systems at HIL for 3 year. RCF : SAP Oracle Database Upgrade 12C For all SAP Systems at RCF NTPC: SAP Support Service BEML: Implementation/upgradation/migration of the following: 1. Up-gradation of SRM Version 2. Implementation of Solution Manager 3. Migration of Tax Structure in SAP ECC 6.0 EhP 7.0 System 4. Implementation of Indian Accounting Standard (IND AS) in the SAP ECC 6.0 EhP 7.0 system BHEL: SAP Support shall be for both technical and functional modules. SAP functional module includes SD, PP, PS, FI, CO, MM, QM, PM etc. in SAP R3. EPI: Procurement of Services for Support of SAP Systems at EPI which are being used at our corporate office, New Delhi and other Regional Offices at Kolkata, Chennai, Mumbai, Guwahati, Hyderabad, Oman and Srilanka including the change Management Services Karnataka Seed: Develop implement the following processes Marketing Management, Production & Processing, Quality Control, Inventory Management, Financial and Management Accounting, Admin & HR Management, Projects Division, Secretarial & Legal Section and MIS Andhra: DESIGN, DEVELOP, INTEGRATE, MAINTAIN AND ENHANCE APPLICATION & SERVICES FOR Department of Education (Package 2) DESIGN, DEVELOP, INTEGRATE, MAINTAIN AND ENHANCE APPLICATION & SERVICES FOR Real Estate Regulatory Authority (APRERA) DESIGN, DEVELOP, INTEGRATE, MAINTAIN AND ENHANCE APPLICATION & SERVICES FOR SPORTS AUTHORITY OF ANDHRA PRADESH (SAAP)
- #4: At its core, Blockchain is a data structure made of blocks, where each block is connected to the previous block via a cryptographic hash. Data is appended to blocks as transactions. Once added to a block and validated by the network, data is immutable. Also, Blockchain via various consensus mechanism has the trust built into the system without the need to rely on third-party intermediaries.
- #6: https://www.gartner.com/smarterwithgartner/the-reality-of-blockchain/ https://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/blockchain-beyond-the-hype-what-is-the-strategic-business-value
- #11: http://www.bain.com/publications/articles/putting-social-media-to-work.aspx Customers who engage with companies over social media are more loyal and they spend up to 40% more with those companies than other customers.