BMW Partners with Coinweb to Introduce Blockchain Technology to its Workflow and Customers
German automaker BMW revealed plans to incorporate blockchain technology into its operations and develop a blockchain loyalty program for its customers in Thailand. The well-known automaker will use Binance Chain for transaction settlement and blockchain infrastructure provider Coinweb for decentralized architecture.
There will be two stages to the use of blockchain technology in BMW process. To begin with, the decentralized technology will be incorporated into BMW's everyday operations with the aim of automating labor-intensive manual procedures and optimizing the business's vehicle finance services.
In the second phase of the project, Coinweb would create a specific Web3 application for the BMW customer loyalty program. Customers of the BMW Group will be rewarded through the initiative using a blockchain-based system. The loyalty rewards that a consumer has accumulated via various actions will define their tier and status within the ecosystem.
"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," said CEO Bjorn Antonsson of BMW Leasing (Thailand) Co,.Ltd. "For our long-time customers here in Thailand, we look forward to continually cultivating their loyalty while rewarding them at the same time through the blockchain-based rewards system delivering real value to be rolled out in 2023."
Customers will be able to use their collected rewards to purchase products and services from BMW as well as from a linked ecosystem in the future. Thus, Binance's native BNB chain will be used to settle transactions.
Toby Gilbert, CEO of Coinweb, highlighted in a statement how customers would benefit from the upcoming loyalty program by saying that they will receive rewards "any time they have touch-points with the BMW ecosystem, whether it buying a new car or they go for a service." He said:
“Customers will be rewarded with loyalty points and they will be able to spend within the ecosystem. Our hope is that there will be a future global roll-out but currently our partnership is for Thailand.”
Also, BMW has recently applied for NFT and trademark applications that cover a wide range of web3 products and services, including NFT authenticated media + files, virtual vehicles + clothing + footwear, retail stores, virtual environments, and more.
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