LB Protocol Launches LBPC Project Linking Points, Digital Assets, and Advertising

Business Model Based on 1 Million Users of 'BeaverPoint'... Aiming to Build a Win-Win Ecosystem for Franchisees, Consumers, and Advertisers

A service that allows users to exchange accumulated loyalty points, which were previously just piling up and wasted in daily life, into digital assets has been launched. By managing points and digital assets simultaneously through a single app, user convenience is enhanced, and it is expected to establish a stable consumer-merchant ecosystem by linking with advertising platforms utilizing kiosks (unmanned ordering machines), which have been increasing recently.

LB Protocol, a blockchain-based loyalty reward point solution company, announced on the 31st that it will launch a new project called ‘LB Protocol Ecosystem’ for a contactless payment device-based advertising platform during Korea Blockchain Week 2023 (KBW2023). LB Protocol is participating as a silver sponsor in the main conference IMPACT of KBW2023, exhibiting its representative kiosk at the venue and demonstrating point accumulation.

The biggest feature of the LB Protocol Ecosystem is that points accumulated at individual merchants can be exchanged for the digital asset LBPC. Points scattered and wasted across various merchants can be monetized through LBPC, making the value of points feel different from before. For small merchants, this solves the problem of points being dispersed, leading to low consumer utilization and limited customer revisit inducement effects.

In particular, the LB Protocol Ecosystem app allows users to check points scattered across multiple merchants and exchange them for LBPC, enhancing user convenience. Additionally, a reward program operates where users can earn extra LBPC by watching ads displayed on the app screen or by providing their purchase data.

The system also includes mechanisms to encourage merchants to participate more actively in the LB Protocol Ecosystem. It offers a customer-customized advertising platform on screens of kiosks, table orders, and mobile orders installed in their stores, and in return, merchants receive benefits such as discounts on usage fees for contactless payment devices (kiosks) or advertising campaigns through mobile channels.

Another reason the LB Protocol Ecosystem is attracting attention is that LB Protocol is a subsidiary of BeaverWorks, a ‘dark horse’ in the offline merchant fintech solution industry. BeaverWorks already operates Beaver Points, used by over one million people, and also owns OrderQueen, a kiosk-specialized company with more than 10,000 merchants, as a subsidiary.

This means it has sufficient capabilities to expand the infrastructure of the LB Protocol Ecosystem. Currently, as a major partner of BeaverWorks, it collaborates with large companies such as ‘Samsung Kiosk,’ convenience store ‘Emart24,’ the single-person dining concept pizza franchise ‘GoPizza,’ and ‘Lotte Mart,’ as well as various brands including the 1L coffee specialty store ‘The Liter,’ popular delivery apps ranked ‘Grandma’s Garae Tteokbokki’ and ‘Shincham Tteokbokki,’ and famous franchises like ‘Cheongnyeon Dabang’ and ‘Egg Drop.’

Seomungyu, CEO of LB Protocol, stated, “We are not issuing tokens to realize future plans but are attempting to create new value based on the already established BeaverWorks network and solutions,” adding, “Through LB Protocol’s point system and advertising solutions, we will provide benefits not only to consumers but also to various stakeholders and grow the ecosystem.”