BMW is looking to incorporate blockchain technology into its everyday business practices and create a blockchain loyalty program for its Thai customers.
The popular automaker has selected BNB Chain for transaction settlement and Coinweb as its decentralized architecture provider.
Coinweb will work with BMW Financial Services to build and implement cross-chain smart contracts and a cross-chain customer loyalty program. The project will be completed in two stages.
The first phase of the implementation is a feasibility study for cross-chain parallel-executing Smart Contracts with the objective of automating time-consuming manual procedures and streamlining operations for BMW’s automobile financing services.
A fully integrated Know Your Customer (KYC), and Anti-Money Laundering (AML) solution based on Thailand’s NDID may also be incorporated to ease the difficulties of car financing applications.
In the second stage, Coinweb will create a specific Web3 application for the BMW customer loyalty program. Customers of the BMW Group will be rewarded through the program using a blockchain-based system, with loyalty rewards determining their tier and status within the ecosystem.
Customers will be able to exchange their rewards for goods and services with BMW and in the linked ecosystem in the future. Due to its performance suitability in terms of cost, speed, and capacity, Binance’s BNB chain will serve as the anchor chain for broadcasting transactions to multiple blockchains.
CEO Bjorn Antonsson of BMW Leasing (Thailand) Co,.Ltd. stated:
“We are very excited to be working with such a great team at Coinweb, and anticipate all the positive outcomes of embracing DLT into our ecosystem. We foresee this shift of manual paperwork towards immutable records on the blockchain to immensely contribute to infallible efficiency and transparency.”
Coinweb’s CEO, Toby Gilbert also stated:
“It is an honour to be piloting such an exciting project with BMW, Coinweb’s first collaboration with such a prestigious household brand. We hope that once this project is fully launched, it can be used as a benchmark to prove that traditional businesses can fully leverage blockchain technology and benefit hugely from it, without deviating from their core values and mission.”
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