BMW joined Coinweb to adopt a decentralized and efficient architecture and the BNB chain to help settle each of its transactions.
BMW is looking to Coinweb to help with the finances, contract setup, contract implementation and management of its cross-chain loyalty program. The two-phase project execution plan will see Coinweb and BNB Chain provide its automotive partner (BMW) with unfettered access to the blockchain’s decentralized ledger technology (DLT).
The first phase will involve an overall feasibility assessment of cross-chain parallel execution of smart contracts, with the aim of automating and simplifying all financial operations at BMW. Streamlining and automating the process will also involve the full integration of Anti-Money Laundering (AML) and Know Your Customer (KYC) functions with Thailand's National Digital Identity (NDID).
The second phase will see Coinweb build a blockchain-based custom SaaS web3 loyalty program the way BMW customers are incentivized. All incentives or rewards in the loyalty program are earned through activities, and the amount of bonuses a customer receives will determine his level in the BMW ecosystem.
Thanks to the immutability and scalability of blockchain technology, the connected ecosystem enables reward owners to easily and quickly redeem rewards for products and services. The BNB chain has been chosen as the anchor chain, heralding the blockchain to operate at the lowest cost, faster and with higher scalability.
Reacting to the development, Bjorn Antonsson, CEO of BMW Leasing (Thailand), said BMW looks forward to all the benefits of incorporating DLT into its ecosystem and is delighted to be working with the great team at Coinweb. The CEO believes that moving from manual records to immutable records on the blockchain will significantly increase efficiency and transparency.
Antonsson added that the brand is looking forward to building long-term relationships with Thai customers and simultaneously rewarding them by implementing a blockchain-based rewards program that will provide real value in 2023. Coinweb CEO Toby Gilbert also said in a statement that the company is excited to pilot the initiative with a brand like BMW. Furthermore, he hopes that the successful development process will provide a benchmark for other traditional brands to see the possibilities and opportunities of blockchain technology.
I hope this article will help you to know about BMW Leverages Coinweb and BNB Chain for Blockchain Loyalty Program. BMW became the first car brand to explore blockchain in 2018 after using it to track its cobalt supply and ensure all of its products were delivered to global standards. German automaker Mercedes has also been actively exploring blockchain technology for its loyalty program, logistics management, and using NFTs as a promotional tool.
