Skip to main content

BMW MODERNIZES OPERATIONS WITH BLOCKCHAIN TECHNOLOGY

 


BMW uses blockchain technology

Coinweb , a layer-2 cross-chain platform, announced Dec. 29 that it has partnered with BMW to integrate blockchain technology into the automaker's infrastructure to improve the efficiency of financial transactions. Coinweb explained that the main goal of this partnership is to bring a whole new experience to BMW customers in Thailand. To achieve this, the two companies plan to implement two different roadmaps in 2023.​


Lamborghini auctions unique NFT

The 2 phases of the partnership

In the first phase of the partnership, a roadmap will be created to evaluate the use of cross-chain, parallel-executing smart contracts to automate manual processes that are time and resource intensive for the company. Coinweb plans to implement a fully integrated Anti-Money Laundering (AML) and Know Your Customer (KYC) tool based on Thailand's National Digital ID (NDID) system to improve the process of applying for vehicle finance and the reduce related problems.


In the second phase of the partnership, Coinweb will develop software using Web3 applications to develop a blockchain-based loyalty program for BMW Group customers in Thailand. Binance's BNB Chain will serve as the foundation for the program due to its high performance, low cost, and fast transaction speeds. Customers can earn rewards through a variety of activities depending on their level and rank. Later, they can redeem their rewards for various products and services.​


Not completely new territory for BMW

This isn't the first time BMW has shown an interest in the cryptocurrency ecosystem. In late November, the automotive company submitted a token to enter the Metaverse with the intention of launching a collection of non-fungible tokens (NFTs) for its customers.


BMW Thailand CEO Bjorn Antonsson said they are grateful to be working with Coinweb to improve the company's efficiency and transparency by integrating Distributed Ledger Technology (DLT) into the ecosystem.


We are very excited to be working with such a great team at Coinweb and anticipate all positive results with the integration of DLT into our ecosystem. We anticipate that this shift from manual paperwork to immutable records on the blockchain will greatly contribute to unfailing efficiency and transparency.


Antonsson added that they expect to attract new customers through the blockchain-based rewards program.


Coinweb CEO Toby Gilbert said it is an honor to work with a renowned automotive company like BMW and hopes that once launched, the project will serve as a reference for other companies reaping the benefits of blockchain technology while doing their best want to remain true to values ​​and missions.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FireFaucet - An earning site that pays better for some than Cointiply

Comments

Post a Comment

Popular posts from this blog

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin...
Post a Comment
Read more

Phishing attack on popular crypto sites tries to empty wallets

  Several major crypto sites such as Etherscan, CoinGecko, DeFi Pulse, and others report malicious pop-ups scammers use to try to trick users into connecting their MetaMask wallets. The phishing attack came from a domain displaying the Bored Ape Yacht Club (BAYC) logo. "We are investigating the root cause of this attack to fix the threat as soon as possible," CoinGecko founder Bobby Ong tweeted. The phishing attack appears to have been triggered by a malicious ad script from Coinzilla, a crypto ad network, according to CoinGecko. Etherscan also advises its users not to confirm any transactions that may appear on the website. The attackers attempted to use the hype around the “bored monkeys” non-fungible tokens (NFT) to gain access to the cryptocurrencies of unsuspecting website visitors. Although the websites affected by the scam attempt have reacted in the last few hours and deactivated the advertising pop-up, it is still recommended not to connect your MetaMask wallet to ne...
Post a Comment
Read more

Bored Ape Yacht Club NFTs stolen through phishing on Instagram

  Bored Ape Yacht Club ( BAYC ) developers announced on Monday that hackers have hijacked the official Instagram page of the popular NFT collection and posted links to a fake airdrop. Crypto enthusiasts who connected their MetaMask wallet to the rogue website subsequently had their Ape NFTs stolen. Apparently, the attack was planned to coincide with the one-year anniversary of the BAYC collection. This increased the "perceived credibility" of the phishing link. About 100 NFTs are said to have been stolen in the phishing attack . According to CoinGecko data , the minimum price for a BAYC NFT is 139 Ether ( ETH ) or $400,726. So if reports are correct, over $40 million worth of NFTs were stolen in the attack. These numbers are only the lowest estimate, however, as they are based on the lowest price.  At the time of writing, it was still unclear how the hackers gained access to BAYC's official Instagram account. Social media users have pointed out the importance of two-fact...
Post a Comment
Read more