BMW, a German automaker, is utilizing blockchain technology to improve the efficiency of its daily operations and to support a blockchain loyalty program for its Thai customers. The automaker will use Coinweb’s blockchain infrastructure while processing transactions through BNB Chain.
BNB Chain and Coinweb are partners with BMW.
In two stages, BMW will incorporate blockchain technology into its operations. BMW will incorporate decentralized technology into its everyday business practices during the first phase. The integration aims to streamline the company’s car financing services while automating laborious manual processes.
The business will collaborate with Coinweb to create a specific Web3 application in the second phase, which will support the automaker’s customer loyalty program. The blockchain-based program will reward BMW Group customers and operate on that platform.
The loyalty benefits obtained by completing numerous actions will determine a customer’s standing within the ecosystem. The owners will support a connected ecosystem in the future by using these rewards to purchase goods and services from the German automaker. The BNB Chain will process any payments made through this program.
BMW Thailand’s leasing manager, Bjorn Antonsson, stated that the company was keeping an eye on the development of decentralized technology as well as the applications of the technology. The executive had high hopes for how incorporating blockchain technology into daily operations would reduce the need for paperwork and increase the effectiveness and openness of the business.
Toby Gilbert, the CEO of Coinweb, also provided his thoughts on the matter, stating that “Customers will be rewarded with loyalty points, and they will be able to spend within the ecosystem. Although our partnership is currently focused on Thailand, we hope that a future global rollout will occur. “.
BMW has previously expressed interest in blockchain technology. Since 2018, the business has been working with the technology. BMW used blockchain technology for the first time to track its cobalt supply in order to make sure that its products were made using moral practices.
Blockchain has the interest of automakers.
Leading auto manufacturers other than BMW are also interested in decentralized technology. Chevy held its first non-fungible token (NFT) auction in June. The digital car collectibles, however, received no bids as the auction came to a close. If the NFTs sold out, Chevy intended to release physical versions.
Additionally, Lamborghini announced a collaboration with Go2NFT and Skey Network to establish an NFT certification for race car parts. Another German automaker, Mercedes, has also been running promotions using NFTs and cryptocurrency tokens.
To track vehicle records, the Italian automaker Alfa Romeo is also utilizing blockchain technology. Following the signing of a new agreement, Ferrari, another luxury brand, also made a suggestion about a potential NFT integration. These agreements demonstrate the companies’ preference for blockchain as a functional tool.