BMW Partners With Coinweb For Blockchain Loyalty Program and to Streamline Financial Services – CoinCheckup Blog – Cryptocurrency News, Articles & Resources

Key takeaways:

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. 

Coinweb brings blockchain technology to BMW – Introducing their mass user base in Thailand to the cross-chain infrastructure.https://t.co/lrKKc9YeaG

Ecstatic to be ending 2022 with a💥
What will 2023 bring us? pic.twitter.com/Z666FHlEzS

— Coinweb.io (@CoinwebOfficial)

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 release, transactions 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 AG, a 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. 

David is a crypto enthusiast and an expert in personal finance. He has created numerous publications for different platforms. He loves to explore new things, and that’s how he discovered blockchain in the first place.