BMW Partners With Coinweb For Blockchain Loyalty Program and to Streamline Financial Services – CoinCheckup Blog

BMW logo image cover

BMW logo image cover

Key takeaways:

  • BMW and Coinweb have entered a partnership focused on streamlining BMW’s financial processes and a new loyalty program
  • BNB Chain has been chosen as the execution layer for the new blockchain services
  • The program will initially target Thailand customers, with a potential global rollout in the cards

BMW’s blockchain initiative will initially be limited to the Thailand market

Cross-chain computation platform Coinweb and German multinational manufacturer of luxury vehicles BMW are partnering to bring blockchain technology to BMW’s operations and customers in Thailand.

The project will be executed in two phases. The first phase involves a feasibility assessment for cross-chain parallel-executing smart contracts to automate manual processes and streamline operations for BMW’s vehicle finance offerings, potentially including an integrated anti-money laundering (AML) and know-your-customer (KYC) tool.

The second phase will see Coinweb develop a customized 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 products and services from BMW and a connected ecosystem. These activities will include things such as buying a car, going for a service, and more.

According to Coinweb’s press releasetransactions will be settled using Binance’s BNB Chain due to its “performance suitability in regards to cost, speed, and capacity.”

The project is expected to be launched 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” is in the pipeline.

BMW is not the only automotive company tapping into blockchain technology’s potential. In October 2021, Mclaren Racing announced the launch of digital collectibles Tezos. In December 2021, Ferrari Scuderia partnered with Velas Network AGa Swiss-based blockchain firm specializing in NFT-related products and services. Last January, Mercedes partnered with NFT digital artists to celebrate its iconic G-Class series.

Compiled by Metacrunch. Metacrunch is a news complier and aggregator platform which aims to spread awareness and updates on Metaverse, Web 3.0 Technology, Blockchain, Cryptocurrency, NFTs, Airdrops and many more.

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