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Blockchain has been hot on the lips of savvy investors, but ASX-listed customer engagement tech company, Mobecom, says it’s more than just a fad.

The company behind loyalty digital currency airBux has released plans to implement blockchain technology through its suite of product offerings, describing it as a soon-to-be industry standard.

“Blockchain has gone from potentially disruptive to full scale accepted in such a short time and now being implemented in multiple verticals,” airBux CEO Sean Smith told Stockhead.

“Not everything is suited to the blockchain and it is a mistake that technology businesses can make just because it is the fashion. Multiple of Mobecom’s products require elements that leverage the distributed ledger infrastructure so blockchain is a viable solution.”

Blockchain: ‘broad commercial applications’

After experiencing first-hand the broader commercial applications of the technology at a San Francisco Blockchain Expo in November, Mr Smith is convinced blockchain is a “future standard” for the secure recording of transactions and other records.

“The company considers blockchain to be one of the most objectively secure methods available to record and update transactional records and other data, and has identified several commercial applications for the technology across its existing range of products.”

Mobecom’s (ASX:MBM) move to blockchain technology will enhance the security of customer digital currency balance and data — starting with trials for existing users of Mobecom’s health and wellness app, LifeIQ.

“In the context of data security around members medical records, the immutability of data stored on blockchains is important, LifeIQ managing director, Aubrey Sonnenberg told Stockhead.

“This foundational technology gives users and clients confidence in the integrity of the information on which decisions can be made.”

LifeIQ is designed to incentivise healthy behaviours among its users. It’s licensed to large corporate customers including insurers, employers and health providers.

MBM share price movements since listing in October. Source: Investing.com
MBM share price movements since listing in October. Source: Investing.com

Mobecom shares were trading at 40c on Tuesday, double their issue price of 20c in their backdoor listing in October.

Blockchain will be used to create an auditable track of a user’s medical records, the trial of which will pave the way for further implementation.

“Increasingly, more and more industries are adopting blockchain technology as a secure and proven method to capture an audit trail of transactions and other data,” MBM chief Neil Joseph told Stockhead.

“Blockchain is fast approaching an industry standard, and we remain focused on delivering new technologies and solutions to our customers globally.”

airBux international rollout imminent

airBux is expected to be rolled out in South Africa, Singapore and Australia later this year through partnerships with large scale organisations such as the previously-announced collaboration with Singapore’s NETS.

The platform works as an alternative to regular payment and reward points programs — helping consumers earn digital ‘cash’ currency that they can aggregate and spend across a raft of stores with every purchase.

Development of MBM’s technology is all done in-house with their Sydney-based development team but they’re not stopping with blockchain.

Artificial intelligence has also been flagged for its potential to drive personalised customer engagement in the future.

Late last year the company signed a major agreement with South Africa’s largest telco Vodacom to provide loyalty and digital currency services to their customers, a move that was flagged to boost its recurring revenues by up to 26 per cent within the first 12 months.

Mobecom listed on the ASX last October, raising $5.1 million with the backing of Sydney-based Tulla Private Equity Group. Former T Rowe Price global CEO, Todd Ruppert, serves as a non-executive director of the company.

 

This special report is brought to you by Mobecom.

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