BMW, the first automotive brand to adopt blockchain technology several years ago, is now partnering with Coinweb to streamline some of its processes in Thailand. Thus, BMW will have a full-fledged multi-chain Web3 ecosystem in the near future, all based mainly on Binance’s BNB Chain.
BMW Collaborates with Coinweb to Use Blockchain
Coinweba company specializing in the integration of blockchain technology (DLT), partnered with BMW to streamline and secure some of the German company’s operations.
The famous car manufacturer will therefore use the services of Coinweb for its operations in Thailand from the year 2023, in particular in order to automate processes usually carried out manually, or to organize vehicle financing.
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According to the press release, the use of smart contracts will allow integrate anti-money laundering tools as well as a process-based customer identification system Know Your Customer (KYC), all in connection with the NDIDthe Thai digital ID service.
In a second step, Coinweb will provide a solution of software as a service (SaaS) for the BMW Customer Loyalty Service, all centered around Web3. More specifically, a real incentive loyalty program will be set up thanks to various activities, which will generate rewards to determine the rank of an individual within the ecosystem.
The rewards will initially be exchangeable for products and services from the manufacturer BMW, then soon “ within a connected ecosystem », and all of this will work through the use of blockchain.
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The BNB Chain as a keystone
According to information from Coinweb, the transactions of this future ecosystem will be interoperable between different blockchains, but it is Binance BNB Chain who will have the role of anchor chain », a motivated choice because of « its performance in terms of cost, speed and capacity “.
Bjorn Antonssonthe CEO of BMW’s Thai subsidiary, underlined the magnitude of this promising partnership:
“We are very happy to work with such a great team at Coinweb and we anticipate all the positive results relating to the integration of DLT technology into our ecosystem. We anticipate that the move from manual paperwork to immutable records on the blockchain will go a long way toward unfailing efficiency and transparency. Regarding our long-time customers here in Thailand, we look forward to continuously cultivating their loyalty while rewarding them through the blockchain-based system. […]. »
BMW thus becomes the latest car manufacturer to get closer to the blockchain, shortly after its competitor Renault, which recently launched its first genR5 non-fungible token (NFT) collection. Also this summer, Mercedes-Benz adopted the Polygon sidechain (MATIC) for a marketplace project.
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Published by Editions Larousse
Source: Press release
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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