Chanticleer Holdings announces a reward program based on blockchain

Chanticleer Holdings, a restaurant, saw its stock increase in price by 50 percent on Tuesday. Since after announcing that it is moving towards rewards programs based on the blockchain.

The program, which is being done in partnership with Mobivity Holdings Corp. The makers of the award-winning platform for intelligent and personalized marketing in the real world. Thus, it will be starting mid-2018. Customers use restaurant services and win rewards in form of Mobivity Meric cryptocurrency.

 Michael D. Pruitt, Chairman, President, and CEO of Chanticleer Holdings said,

“We wanted to expand our existing loyalty program with something that really changes the way our customers can leverage their rewards; Mobivity Merit is real cryptocurrency, leveraging the same infrastructure. Also the principles of Bitcoin, Ethereum, Ripple, Litecoin, and more. It will enable our customers to make use of their rewards in entirely new ways”.

The company allows its brands to create one-time-use rewards that can be redeeming across the brands. However, traded virtually securely using blockchain. Customers will not only get rewards with the Merit ‘currency’ after using their services but can also use the rewards in innovative ways.

Also Read: Simon Yu: from a broke undergrad to StormX blockchain boss

He added,

“We’re excited to see how consumers respond to the idea of getting real, transferable, secure value in exchange for their loyalty to our brands”.

It will also help improve customer experience. It will also allow customers to control the use of their data instead of giving it to data-aggregators who trade it without customer consent, knowledge or benefits to them.

“Consumers can take that persistent identity, including their preferences and habits, and leverage it across brands to get better, more personalized service,” said the press release. “Each brand owns the data about [its] interactions with a consumer, but the consumer owns the data about ALL of their transactions across all brands, stored in the distributed ledger of blockchain technology.”

The firm owns several burger brands including the  American Burger Co. on the East Coast, Little Big Burger in the Northwest and the national BGR chain. It also operates a number of Hooters restaurants and holds a minority stake in Hooters of America. Thus it is the parent company of Hooters.

Also Read: Singapore’s first cashless Ducatus cafe lets you buy coffee with Bitcoin

Dennis Becker, CEO of Mobivity said,

 “Eating a burger is now a way to mine for cryptocoins. Every meal enjoyed at any Chanticleer Holdings brand will accrue currency to the consumer. Since that can be in use for future meals or traded with other consumers”.

The company’s market capitalization is around $8million. Thus, generally, it is a small fish in the whole industry.

Recently, in the last month, Long Island Iced Tea Company also rebranded itself as Long Blockchain. This resulted in 3 times upsurge in its stock price.

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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