Dubai-based 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.
The announcement is part of Emaar’s focus on innovation, it said in a statement.
The Emaar community token will allow the company’s customers and stakeholders to reap the value of a full referral and loyalty system across the entire group, opening the Emaar experience potentially to billions of internet users.
This will be among the first referral and loyalty tokens in the world giving access to an existing operational ecosystem of close to $10 billion, and an initial coin offering in Europe (ICO) will be considered within 12 months of the internal operational launch of the platform, the statement said.
Swiss-based Lykke is leading the technology build of Emaar’s community token based on the Ethereum blockchain and the ERC20 token framework.
The token will be transferable across the entire global Emaar ecosystem, including real estate, malls, hospitality, entertainment, facilities management and online shopping.
Emaar grew revenues by 37 percent in 2018 to $7 billion and its brand value by 39 percent to $2.7 billion, placing it among the highest tier brands in the world.
The developer of the iconic Burj Khalifa, The Dubai Mall, Dubai Opera, The Dubai Fountain and premium lifestyle communities is also the world’s largest property company outside China.