BMW Partners With Coinweb to Develop Blockchain-Based Vehicle Financing Automation and Loyalty Program in Thailand – Blockchain Bitcoin News
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Luxury car manufacturer BMW has partnered with Coinweb, a decentralized blockchain layer 2-based company, to bring blockchain-based tools to its operations. The company is developing blockchain-based automation for vehicle financing processes, as well as a reward program for the car company’s customers that is adapted to Thailand’s compliance processes.
BMW introduces Blockchain to its operations
More and more companies are adopting blockchain processes as part of their operations due to the perceived reliability of the technology and the fact that it can help save costs. On December 29, German carmaker BMW announced a partnership with Coinweb, a Layer 2 (L2) blockchain interoperability protocol, to bring blockchain-based processes to its operations.
This alliance is considering two different missions. The first involves the development of a smart contract platform that aims to streamline the various processes that must be completed to finance BMW-branded vehicles. According to the press release, this would cover the deployment of a “fully integrated Anti-Money Laundering (AML) & Know Your Customer (KYC) tool” adapted to local Thai laws.
The second task is to create a blockchain-based loyalty program that rewards the brand’s customers with products and services and gives each customer a rating that is directly related to their reward accumulation.
Coinweb announced that it will use Binance’s Bnb chain as the anchor chain for these transactions due to its performance-to-cost ratio. However, events can be sent to other blockchains if necessary.
Advantages of Distributed Ledger Technology
Bjorn Antonsson, Managing Director of BMW Leasing in Thailand, explained the benefits of transferring some of the processes to decentralized technology platforms. He noted:
We expect this shift from manual paperwork to immutable records on the blockchain will contribute enormously to unerring efficiency and transparency.
BMW’s deal comes at a time when the downtrend in the cryptocurrency market is affecting blockchain-based technology, partly due to the collapse of FTX, one of the world’s largest cryptocurrency exchanges. As noted by Nobel laureate Paul Krugman on December 1st, some notable non-crypto blockchain-based projects have recently been launched, such as Tradelens, a global trading platform backed by Maersk, and a blockchain-based engine developed for the Australian Stock Exchange. off.
Nevertheless, Coinweb welcomes the result that this alliance can bring to the perception of how useful blockchain technology can be. Coinweb CEO Toby Gilbert announced:
We hope that once this project is fully launched, it can be used as a benchmark to show that traditional companies can take full advantage of blockchain technology and benefit immensely from it without deviating from their core values and mission.
What do you think of BMW’s proposed implementation of blockchain technology? Let us know in the comments section below.
The authors of the picture: Shutterstock, Pixabay, Wiki Commons, Yuri Kabantsev / Shutterstock.com
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