Drinks manufacturer turned blockchain firm Long Blockchain Corp. has announced that it had again shifted to another line of business and would now be concentrating on loyalty schemes.
This is according to a report on the Long Island Business News.
Long Blockchain Corp. witnessed a lot of stock price volatility when it suddenly rebranded to Long Blockchain from “Long Island Iced Tea” in the early part of this year, explained that it would leverage so-called “distributed ledger technology” (DLT) in its most recent format.
Operations would be conducted through a new subsidiary called Stran Loyalty Group, while Long’s CEO already resigned.
“Consumer brands and corporations realize that loyal customers not only purchase more goods but that they also purchase more often,” said the new CEO Andy Shape in a press release:
“Creating stronger loyalty with customers who are engaged in loyalty programs through advancements in technology is the key to future growth and massive scalability.”
Since the initial blockchain pivot, results for the firm have been a mixed bag. Nasdaq formally took away Long Blockchain from its listings in April for low market capitalization.
“The Company’s goal is to use the initial loyalty business as a catalyst to implement disruptive technology solutions, including distributed ledger technology, into the loyalty industry while realizing immediate revenue and credibility from traditional loyalty contracts,” the release added.
“There can be no assurance that the Company will be successful in developing such technology, or in profitably commercializing it, if developed,” it continued.
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