BMW is seeking Coinweb’s advisory services for their bid to ideally incorporate blockchain technology into its operations in Thailand.
BMW plans to use blockchain technology into its everyday business practices and develop a blockchain loyalty program for its Thai consumers. The well-known automaker has chosen BNB Chain for transaction settlement and Coinweb as its decentralized architecture supplier.
BMW will implement blockchain technology into its processes in two stages. The decentralized technology will first be included into BMW’s regular business operations with the aim of automating laborious manual processes and expediting the firm’s vehicle financing services.
Coinweb would create a specific Web3 application for BMW’s customer loyalty program during the project’s second phase. The program will reward BMW Group customers via a blockchain-based rewards system.
The loyalty rewards a consumer has earned through various behaviors will determine their ecosystem tier and position.In the future, owners will be able to use their awards to buy products and services from BMW as well as from a connected environment.
Transactions will be settled via the BNB chain, which is native to Binance. Toby Gilbert, CEO of Coinweb, said that customers will be rewarded under the future loyalty program any time they have interactions with the BMW ecosystem, whether it be “buying a new car or they go for a service,” he explained further:
“Customers will be rewarded with loyalty points and they will be able to spend within the ecosystem. Our hope is that there will be a future global rollout but currently our partnership is for Thailand.”
The development of decentralized technology and its numerous use cases has been actively monitored by the company over the years, according to Bjorn Antonsson, leasing head at BMW Thailand.
Antonsson thought that by incorporating blockchain technology into daily operations, the manual paperwork would be eliminated and the company’s efficiency and transparency would increase.
Automakers have long been interested in decentralized technology, and BMW has been working with the technology since 2018. BMW was the first to employ blockchain technology to monitor its cobalt supply and make sure that its products were sourced ethically.
Mercedes, another well-known German automaker, has aggressively exploited nonfungible tokens and cryptocurrency coins as marketing tools. Alfa Romeo, an Italian automaker, employed blockchain technology to track vehicle records, and Ferrari’s new agreement may also incorporate NFT.
