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Blockchain – loyalty and rewards

Blockchain offers many benefits, including transparency and traceability of transactions. This will help banks and insurers to create a more captivating loyalty and rewards program that fits 24/7 performance management and enhances engagement.

24/7 feedback creates more engagement

Talent has always been a boardroom issue, but with so many new technologies rapidly evolving, high performance is more crucial than ever. As a result, performance management has gained impact as well, as a tool to improve retention. New performance management systems are all about 24/7 feedback, about being heard and appreciated. They have moved from ‘systems of record’ to ‘systems of engagement’, creating a culture in which people strive to be the best version of themselves.

Transparency and traceability

Loyalty and rewards programs can be part of such a performance management system. In order for these programs to be successful, transparency and traceability of transaction are crucial. After all, employee sentiment and use will only improve if rewards are actually delivered and companies and their employees can agree on whether a certain transaction has taken place. This is where the blockchain comes in. This new technology offers many benefits, including transparency and traceability of transactions.


Since the blockchain is such a new technology, many organizations are still in an experimental stage. But the outlook is promising. Deloitte has been studying blockchain technology for a while and offering advice in this field. But we are also looking into new opportunities, such as loyalty and rewards programs on the blockchain. In order to offer our clients state-of-the-art advice in this field, we are now running an internal pilot program. This pilot includes the D-coin (Deloitte coin), which is comparable to the Bitcoin, but has been developed by our colleagues in the US, who have joined forces with Loyyal, a company that builds loyalty and rewards apps on the blockchain.

Real-time award, real-time appreciation

The D-coin is mainly used as a real-time reward for the behavioral side of performance rather than merely output and results – skills such as sharing knowledge, asking feedback and networking. Skills that are often difficult to develop within organizations. The fact that these rewards are real-time, enhances the sense of 24/7 feedback and makes the employees feel even more appreciated. They can exchange this currency in the Deloitte webshop for e.g. tickets to a football match, a trip to New York, or gifts to their favorite charity – which fits our goal to ‘make an impact that matters’.

No middleman

Also, the fact that the D-coin is based on the blockchain, makes it easier for vendors to be part of our loyalty and rewards network. They can rely on the security of the transactions because of the very nature of the blockchain. Other non-blockchain based networks require a payment solution that is facilitated by payment providers and banks. Since the blockchain does not require a middleman, it is possible to build a network in which participants can exchange value, expanding the concept of coalition rewards programs (interoperability).

Banks and insurance companies

With the experience Deloitte has gained in this field, we can help banks and insurers to develop similar loyalty and rewards programs on the blockchain. In the financial sector, coins such as the D-coin could be used to enhance e.g. regulatory compliance. They can be a reward for employees who share knowledge, fill out time sheets in time, or visit certain events and take courses (next to mandatory courses). The impact of such a reward could be enhanced by the ‘first come first served’ principle – the earlier employees register for a course, the more coins they receive. It acknowledges that they are on the right track and eventually improves their engagement – and their performance.

Bron : Deloitte

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