BMW revamps its business with blockchain technology from Coinweb and BNB Chain

Coinweb, an in-store multi-chain computing platform, announced on December 29 that it has partnered with BMW to integrate blockchain technology into auto industry infrastructure to improve the efficiency of financial transactions.

Coinweb stated that the primary goal of this partnership is to provide a completely new experience for BMW customers in Thailand. To achieve this, the two companies plan to implement two different roadmaps in 2023.

The project will be divided into two phases

The first phase of the partnership will include creating a roadmap to evaluate the use of parallel, cross-chain smart operating contracts to automate time-consuming and resource-intensive manual processes for the enterprise.

Coinweb plans to implement a fully integrated Anti-Money Laundering (AML) and Know Your Customer (KYC) tool based on Thailand’s NDID system to streamline the car financing application process and reduce associated pain points.

In the second phase of the partnership, Coinweb will create a Web3 Software as Service (SaaS) application to develop a blockchain-based loyalty program for BMW Group customers in Thailand. Binance’s BNB Chain will serve as the basis for the program due to its high performance, low cost, and high transaction speed.

Customers will be able to earn rewards through a variety of activities, depending on their level and rank. Customers will later be able to redeem their rewards for different products and services.

BMW and Coinweb collaborate to improve the efficiency of BMW Thailand

Bjorn Antonsson, CEO of BMW Thailand, said they are grateful to work with Coinweb to improve the company’s efficiency and transparency by integrating Distributed Ledger Technology (DLT) into their ecosystem.

“We are very excited to be working with this amazing team at Coinweb, and anticipate all the positive outcomes of adopting DLT technology in our ecosystem. We anticipate that this shift from manual paperwork to immutable records on the blockchain will greatly contribute to unerring efficiency and transparency.”

Antonson also added that they expect to attract new customers through the blockchain-based rewards program that they will launch in 2023.

Toby Gilbert, CEO of Coinweb, said that it is an honor to work with such a reputable automotive company as BMW and hopes that the project, once launched, will serve as a reference for other companies that want to take advantage of the benefits of blockchain technology. At the same time, he remains true to their values ​​and mission.

“We hope that once this project is launched, it can be used as a benchmark to prove that traditional companies can fully leverage and benefit from blockchain technology without deviating from its core values ​​and mission.”

This is not the first time that BMW has shown interest in the cryptocurrency ecosystem. In late November, the car company Upload a trademark to enter the metaverse with the goal of unlocking a set of non-fungible tokens (NFTs) for its customers.

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