BMW uses blockchain technology to improve its business model. The company now uses technology from Coinweb and Binance.
BMW announced on December 29 that it partnered with Coinweb, a layer-2 cross-chain computation platform, to integrate blockchain technology into its infrastructure to improve financial transactions.
The primary goal of this partnership is to provide BMW customers in Thailand with a completely new experience. In 2023, the two companies will implement two different roadmaps.
Two phases will be involved in the project
During the first phase of the partnership, a roadmap will be developed to evaluate the use of cross-chain parallel-executing smart contracts to automate time-consuming and resource-intensive manual processes.
The aim of Coinweb is to implement a fully integrated Anti Money Laundering (AML) and Know Your Customer (KYC) tool based on Thailand’s NDID system to streamline the application process for car finance and lessen the pain points connected with it.
In the second phase of the partnership, Coinweb will develop a blockchain-based loyalty program for BMW Group customers in Thailand using a Software as a Service (SaaS) Web3 application. Because of its high performance, low cost, and fast transaction speeds, Binance’s BNB Chain will be the foundation for the program.
According to their level and rank, customers will be able to earn rewards through a variety of activities. They can later use their rewards to purchase a variety of goods and services.
BMW Thailand and Coinweb work together to improve efficiency.
BMW Thailand CEO Bjorn Antonsson expressed gratitude for the opportunity to collaborate with Coinweb to improve the company’s efficiency and transparency by incorporating Distributed Ledger Technology (DLT) into their ecosystem.
Antonsson also stated that the blockchain-based reward program that will be launched in 2023 is expected to attract new customers.
Toby Gilbert, CEO of Coinweb, stated that working with a prestigious automotive company like BMW was an honor and that the project, once launched, will serve as a model for other companies looking to leverage the benefits of blockchain technology while remaining true to their values and missions.
BMW has already expressed interest in the Cryptocurrency industry. The automaker filed a trademark application to enter the metaverse in late November with the goal of introducing a range of non-fungible tokens (NFTs) for its clients.