Key points to remember:
- BMW and Coinweb have entered into a partnership focused on streamlining BMW’s financial processes and a new loyalty program
- BNB Chain has been chosen as the execution layer for new blockchain services
- The program will initially target Thai customers, with a potential global rollout in cards
BMW’s blockchain initiative will initially be limited to the Thai market
Cross-chain computing platform Coinweb and German multinational luxury vehicle maker BMW are teaming up to bring blockchain technology to BMW operations and customers in Thailand.
The project will be implemented in two phases. The first phase involves a feasibility assessment for cross-chain parallel execution smart contracts to automate manual processes and streamline operations of BMW’s vehicle finance offerings, potentially including an integrated anti-money laundering tool money (AML) and know-your-customer (KYC) .
The second phase will see Coinweb develop a custom SaaS Web3 application for a customer loyalty program, incentivizing BMW customers with a blockchain-based rewards program.
Rewards will be earned through various activities and can be redeemed for BMW products and services and a connected ecosystem. These activities will include such things as buying a car, servicing, etc.
According to Coinweb Press releasetransactions will be settled using Binance’s BNB chain due to its “adequacy of performance in terms of cost, speed, and capacity.”
The project is expected to launch in 2023. Speaking to Cointelegraph, Coinweb CEO Toby Gilbert said they hope their partnership with BMW will expand beyond Thailand and that a “future global rollout “was in preparation.
BMW isn’t the only automotive company harnessing the potential of blockchain technology. In October 2021, Mclaren Racing announced the launch of Tezos digital collectibles. In December 2021, Ferrari Scuderia partnered with Velas Network AG, a Swiss blockchain company specializing in NFT-related products and services. Back in January, Mercedes teamed up with digital artists NFT to celebrate its iconic G-Class series.
David is a crypto enthusiast and personal finance expert. He has created numerous publications for different platforms. He loves exploring new things, and that’s how he discovered blockchain in the first place.
