Real estate giant Emaar Group has announced plans to leverage blockchain technology to offer the Emaar community token for customers and partners by the end of this year.
According to a press statement, the Emaar community token will allow Emaar's customers and stakeholders to benefit from a full referral and loyalty system across the entire group. The token will be transferable across the entire global Emaar ecosystem, including real estate, malls, hospitality, entertainment, facilities management and online shopping.
This will be among the first referral and loyalty tokens in the world giving access to an existing operational ecosystem of close to US$10 billion, and an initial coin offering in Europe will be considered within 12 months of the internal operational launch of the platform.
We have embraced the digital world even as we continue to build the most advanced and innovative physical structures and we use both to delight and benefit our customers and stakeholders globally"
The Emaar group was behind the development of the world's tallest building, Burj Khalifa, Dubai Fountain, Dubai Mall, and the Dubai Opera House.
Swiss-based Lykke AG is leading the technology build of Emaar's community token based on the Ethereum blockchain and the ERC20 token framework.
Mohamed Alabbar, chairman of Emaar Properties, said: "We continuously strive to expand our reach, strengthen our growth and extend the Emaar experience. We have embraced the digital world even as we continue to build the most advanced and innovative physical structures and we use both to delight and benefit our customers and stakeholders globally. The Emaar community token marks a significant leap in our digital transformation journey."
Richard Olsen, founder and CEO of Lykke, added: "We have developed cutting edge technology infrastructure with mass-market usability to support our core belief that all mobile and internet users should be able to participate in economic activity, regardless of size of contribution. We are thrilled to leverage our experience and expertise to support Emaar's mission to bring value and utility to millions of users globally."
Emaar grew revenues by 37% in 2018 to $7bn and its brand valuewent up 39% to $2.7bn, placing it among the highest tier brands in the world.