**Facebook** **Twitter** **LinkedIn** Blackbird enables customers to earn points, or $FLY, at local restaurants. | Photo credit: Blackbird Blackbird, the innovative restaurant loyalty company founded by the creator of Eater and Resy, is introducing a new system for restaurants to manage payments and reward their customers. Recently, Blackbird launched Flynet, which it describes as a “dedicated transactions network for the restaurant sector. ” Flynet operates on the blockchain, a digital ledger of transactions. According to Blackbird, this alternative network for loyalty and payments allows restaurants to lower costs and maintain greater control over their data. Established in 2022 by Ben Leventhal, Blackbird is a mobile app that lets consumers check in to earn points and enjoy various perks at local eateries. Users can also process payments and share bills through the app. Participants in the network gain access to valuable customer profiles, enabling them to provide tailored rewards and a VIP-like experience. The goal is to help local dining establishments attract more patrons and expand their operations. Flynet enhances this approach in several ways. By eliminating traditional payment processors, it offers restaurants a reduced transaction fee, currently at 2%, which is approximately 1. 5% lower than the industry average. Operators retain complete data on Flynet transactions, offering deeper insights into customer behavior.

Additionally, the payment process is streamlined, with customers having the option to pay using their Blackbird loyalty points, or $FLY. [Read more: Why Blackbird aims to integrate mom-and-pop shops into the blockchain. ] Moreover, $FLY is unique compared to standard loyalty points, functioning more like a cryptocurrency than traditional rewards, which typically have no value outside their respective programs. $FLY can be utilized at any restaurant affiliated with Blackbird, and in certain cases, it can be converted to USD. Currently, one $FLY is valued at one cent, though Blackbird anticipates potential changes to this rate over time. Customers accumulate $FLY by participating in the restaurant economy—whether through bill payments or by sharing their contact information. Once they reach specific $FLY thresholds, they gain access to exclusive perks from restaurants and even $FLY buybacks from Blackbird. The total amount of $FLY that a customer has earned or spent indicates their value within the Blackbird ecosystem. Restaurants also earn $FLY, which they can distribute to customers or redeem for USD from Blackbird. In the future, restaurants may opt to pay Blackbird fees with $FLY. Employees can earn $FLY by performing beneficial actions, such as updating customer preferences in their profiles. The concept is that circulating $FLY will encourage customers to engage more with restaurants, thereby driving growth across the Blackbird network. Looking ahead, $FLY could be accepted at a variety of businesses beyond food establishments, given the open framework of blockchain technology. The company is inviting developers to create new applications on its network using the data and payment infrastructure it offers. Blackbird is currently operational at over 500 restaurants in New York, San Francisco, and Charleston, South Carolina. Last year, it distributed more than 242 million $FLY to over 107, 000 digital wallets. Based in New York, the company has secured a $24 million investment from firms including Andreessen Horowitz, Amex Ventures, and others.