Boost From Blockchain Mention: Hooters Parent Stock Rises

As if the hype surrounding blockchain technology wasn’t evident enough, Hooters’ holding company just experienced a massive boost in its stock price after it made an announcement merely mentioning “blockchain”.

The press release announced plans to use blockchain technology to power their cryptocurrency-based rewards program.

“Eating a burger is now a way to mine for cryptocoins! Every meal enjoyed at any Chanticleer Holdings brand will accrue currency for the customer that can be used for future meals or traded with other customers. It transforms traditional consumer rewards into something that the consumer can control,” said Dennis Becker, the CEO of Mobivity, the company providing the blockchain technology.

This whole series of events seems reminiscent of Burger King’s release of the “WhopperCoin”, which works similar to how Chanticleer Holdings’ future rewards program will work, i.e. every dollar spent at Burger King provides the customer with one WhopperCoin.

Once the customer acquires 1,700 of these, they get a free Whopper. It might not be a very enticing offer, but it demonstrates one of the first mainstream use cases for cryptocurrency in a rewards program.

Chanticleer Holdings’ program — intended for use in Hooters and other restaurants it owns — appears to be designed with the intention of offering its customers a unique token that they can exchange for value.

Even after all this effort, it is likely that customers will continue to visit these restaurants primarily for the burgers they serve, among other things.