Solana Labs launches Bond, a blockchain-based customer loyalty platform

Blockchain Jun 14, 2024 0 31 Add to Reading List

Solana Labs, the company behind the layer-1 blockchain Solana, aims to bring more non-crypto native brands and their customers into Web3 seamlessly. On June 12, the firm officially launched Bond, a blockchain-based customer engagement platform designed to help brands foster long-term loyalty.

The new platform addresses significant limitations in current loyalty programs, such as losing connection with the end customer if a product is resold or gifted. While Bond is blockchain-based, it differs from other recent Solana launches like Solana Mobile by not prominently featuring crypto.

Brands won't need any blockchain expertise since the service is accessible through a single application programming interface (API).

The platform uses the Solana blockchain to offer collectible “digital twins” and limited-edition digital products accompanying real-world items, which can encourage repeat engagement and increase overall customer value. Digital identities for products enable customers to verify authenticity, while brands can track their products even if they are resold or given away.

Solana Labs highlights that the platform can attract a new generation of customers, including the vibrant Solana blockchain community with significant Millennial and Gen Z purchasing power.

The Solana network has a growing number of use cases, hosting popular memecoins like Dogwifhat (WIF), Bonk (BONK), Popcat (POPCAT), and Myro (MYRO). It has also seen increased institutional interest since PayPal launched its PayPal USD (PYUSD) stablecoin on the network, enhancing the cost efficiency of small purchases.

Solana intends to launch the complete version of its Firedancer upgrade by 2025, aiming to capitalize on the expansion of Decentralized Physical Infrastructure Networks (DePINs).

Blockchain-based customer loyalty programs are not entirely new. Open Loyalty, for example, offers a marketing software-as-a-service firm with a blockchain based on Hyperledger Fabric, used by at least seven organizations despite limited activity on its GitHub page.