IBM, China UnionPay complete block chain pilot project on bank loyalty points

Swap service: This collaboration will enable consumers worldwide to exchange bonus points from their various banks.

NEW YORK:  IBM completed a pilot project with Chinese credit card company China UnionPay that will facilitate the sharing of loyalty bonus points among banks using block chain technology.

Bonus points earned through purchases on bank cards have long been an effective tool to attract and encourage customers to use specific cards. But since bonus points cannot be freely exchanged among different banks, offering various rewards, many go unused.