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.
🎙️ Listen to this article and all the crypto news on Spotify
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.
👉 Read our guide to understand everything about the Web3 universe
The platform that simplifies trading
Buy crypto in minutes
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.
👉 In the news – Fidelity plans to offer financial services in the metaverse and create an NFT marketplace
Order our Book to understand everything about cryptos
Published by Editions Larousse
Source: Press release
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.