BMW adopts Blockchain Tech for Loyalty Program

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BMW, a car manufacturing company, has integrated blockchain solutions through BNB Chain & Coinweb for its loyalty program.BMW x Coinweb Partnership: To integrate blockchain technology into its business, Coinweb has partnered with luxury car brand BMW. This integration will benefit BMW’s customers from Thailand by implementing a cross-chain customer loyalty programme. It will be implemented in two phases. Coinweb will also introduce a cross-chain Smart Contract setup and implementation for BMW. The BNB Chain has been selected as the anchor chain for broadcasting transactions to multiple blockchains. The CEO of BMW Leasing (Thailand), spoke about the partnership and the blockchain loyalty program.
“We are thrilled to be working with such an amazing team at Coinweb and expect all the positive outcomes from embracing DLT in our ecosystem. We see this shift from manual paperwork to immutable records on blockchain as a huge contribution to infallible efficiency, transparency, and accountability. We look forward to continuing to cultivate loyalty with our long-standing customers in Thailand and rewarding them with the blockchain-based rewards system that delivers real value. This will be implemented in 2023.
BMW and Ford had previously teamed up to release the second part in the Vehicle Identity Standard (VID II). First Phase PlansBoth parties will be testing whether it is possible to cross-chain parallel-execute Smart Contracts. The goal is to automate manual processes that can take too much time and streamline vehicle finance operations, as offered by BMW. This assessment will include checks such as fully integrated Anti Money Laundering and Know Your Customer processes in compliance with Thai laws. Second Phase PlansCoinweb will create a custom SaaS Web3 app for a customer loyalty program that BMW customers can use to earn rewards via the blockchain-based rewards program. Owners will be able to collect loyalty points through various activities, and then redeem them for certain products and services within the BMW ecosystem. Toby Gilbert, CEO of Coinweb, has also spoken about the partnership.
“It is an honor to be piloting this exciting project with BMW. This is Coinweb’s first collaboration. We hope this project will be a benchmark that can prove traditional businesses can fully utilize blockchain technology and reap the benefits without compromising their core values or mission once it is fully launched.
Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.