Emaar Group to launch blockchain-based token across its hospitality, other businesses
Blockchain specialist firm Lykke has been working with Emaar Group to offer customers and partners the 'Emaar community token'
Dubai-headquartered Emaar Group is working with Lykke to harness blockchain technology, with the aim of offering the Emaar community token for customers and partners by the year end.
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.
Swiss-based Lykke AG is leading the technology build of Emaar's community token based on the Ethereum blockchain and the ERC20 token framework.
Emaar grew revenues by 37% in 2018 to US$7 billion and its brand value by 39% to US$2.7 billion, placing it among the highest tier brands in the world. The developer of the Burj Khalifa, The Dubai Mall, Dubai Opera, The Dubai Fountain and premium lifestyle communities is also the world's largest property company outside China, and the largest by listed market capitalisation in the MENA region under the MSCI EM Index.