BMW plans to incorporate blockchain technology into its daily operations and develop a blockchain loyalty program for its Thai customers.
Architecture and Transaction Infrastructure
The well-known automaker has chosen blockchain infrastructure firm Coinweb as its decentralized architecture provider, as well as BNB Chain for transaction settlement.
Blockchain technology will be integrated into BMW’s workflow in two stages. First, the decentralized technology will be integrated into BMW’s daily operations in order to automate time-consuming manual processes and streamline the company’s automobile financing services.The second phase of the project would see Coinweb create a customized Web3 application for BMW’s customer loyalty program. To motivate BMW Group customers, the program will employ a blockchain-based rewards scheme. The loyalty rewards acquired through various actions will determine a customer’s tier and status in the ecosystem.
Rewards and Loyalty Points
In the future, owners will be able to use their rewards to purchase goods and services from BMW as well as from a linked ecosystem. Transactions will be settled using Binance’s native BNB chain.
In terms of how customers will be rewarded under the upcoming loyalty program, Coinweb CEO Toby Gilbert said that they will be rewarded every time they have a touchpoint with the BMW ecosystem, whether it is “buying a new car or going for a service.He further explained that customers will receive loyalty points and will be able to spend them within the ecosystem. Their hope is that there will be a global rollout in the future, but for the time being, the partnership is limited to Thailand.
Bjorn Antonsson, leasing head at BMW Thailand, stated that the company has been actively monitoring the progress of decentralized technology and its various use cases over the years. Antonsson hoped that incorporating blockchain technology into their daily operations would eliminate manual paperwork and increase the company’s efficiency and transparency.
Automobile manufacturers’ interest in decentralized technology is not new, and BMW has been involved with the technology since 2018. BMW initially used blockchain technology to track its cobalt supply and ensure that its products are sourced ethically. Apart from BMW, another well-known German automaker, Mercedes, has actively promoted itself with nonfungible tokens and crypto coins.
Alfa Romeo used blockchain technology to track vehicle records, and Ferrari’s new agreement has hinted at NFT integration as well.
This news was initially featured on News Source
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