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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.​


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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.

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