Dubai – Mubasher: Emaar, the Dubai-based property developer, announced that it will launch EMR, a new blockchain-based referral and loyalty platform, by the end of 2019.

The new platform will reward customers of the global real estate firm with tokens for their loyalty and business referrals, according to a press release.

Customers will be able to redeem EMR tokens in Emaar’s real estate, hotels, e-commerce operations, and malls, as well as trade them with other users, Emaar highlighted.

Through the use of blockchain technology on a mobile application, the world’s first-of-its-kind Tokenisation of loyalty points platform will offer customers digital tokens for loyalty and real monetary value through external trading platforms.

Mohamed Alabbar, chairman of Emaar, said: “We didn’t become Emaar by standing still, or by thinking small. By launching the EMR utility token ecosystem, Emaar is expanding the concept of connection. We aren’t just looking into the future — we are building it.”

Hadi Kabalan, director of Tokenisation at Emaar, said: “We have an existing ecosystem and a large customer base, as well as millions of further potential users globally who have yet to discover Emaar.  Our blockchain token platform positions us to grow our user engagement with today’s digital-native, mobile-first generation who expect a fairer internet and want to be part of the conversation.”

The platform, which is built on Quorum, the JPMorgan variant of Ethereum, is are expected to be launched prior to the end of this year, with an early sale of rights having been conducted by Bitcoin Suisse AG and ending in October.