Published: 29 December 2022, 4:30 pm Updated: 29 Dec 2022, 4:12 pm
BMW plans to integrate blockchain technology into its daily workflow and offer a blockchain loyalty program for its customers in Thailand. The German car manufacturer has partnered with blockchain infrastructure firm Coinweb, which will provide BMW with decentralized architecture and use Binance’s BNB Chain to settle transactions.
Coinweb will advise BMW Financial Services on cross-chain smart contract implementation as well as a cross-chain customer loyalty program. BMW will execute the project in two phases.
In the first phase, the technology will be integrated into BMW’s daily operations “to automate time-consuming manual processes and streamline operations for vehicle finance.” This includes a fully integrated, Thailand-based anti-money laundering (AML) and know-your-customer (KYC) tool.
In the second part of the plan, Coinweb will build a customized web3 application for BMW’s customer blockchain-based rewards program. Users can earn loyalty rewards through various activities, which determine the tier and rank in BMW’s ecosystem.
BMW customers will be able to use their rewards to buy products and services from the company through Binance’s native BNB chain. The project chose BNB because of its high performance in terms of cost, speed, and capacity.
“We hope that once this project is fully launched, it can be used as a benchmark to prove that traditional businesses can fully leverage blockchain technology and benefit hugely from it, without deviating from their core values and mission,”
said Toby Gilbert, the CEO of Coinweb.
BMW had already used blockchain in 2018 to monitor its cobalt supply and ensure its goods were delivered in accordance with ethical practices. Another German carmaker, Mercedes-Benz, has been promoting its brand through NFTs, and this month it released five trademark applications related to web3.
Even though the reward program is currently only available for customers in Thailand, BMW hopes to roll out the partnership globally.