Before the bitcoin-focused firm, Long Blockchain Corporation was known for its involvement in the blockchain industry, it was first introduced as a beverage firm dubbed, “Long Island Iced Tea”. As of July 31, 2018, Long Island Business News took to its platform to announce that the firm will be changing its business direction yet again – now to one of loyalty systems.
This new endeavor will supposedly concentrate on the integration of the distributed ledger technology (DLT) and the ways it would assist in establishing loyalty plans for dedicated customers.
According to the present CEO, Andy Shape, the loyalty market is in demand, as
“stronger loyalty with customers who are engaged in loyalty programs through advancements in technology is the key to future growth and massive scalability.”
Long Blockchain Corporation has had several bumpy rides, as it was previously delisted from Nasdaq for having an unbelievably low market cap, which is a key indicator of its outreach.
The new direction will supposedly allow the company to assess the use of blockchain technology to support loyalty systems, while “realizing immediate revenue and credibility from traditional loyalty contracts.”
A contradicting and doubtful statement has also been shared via the press release, which notifies investors that “there can be no assurance that the Company will be successful in developing such technology, or in profitably commercializing it, if developed.”