BMW onboards Coinweb and BNB Chain for a blockchain-powered loyalty program
In Brief
BMW plans to integrate blockchain technology for its everyday operations.
The car manufacturer has partnered with Coinweb to develop a blockchain loyalty program for its Thailand-based customers.
BMW plans to integrate blockchain technology into its daily workflow and offer a blockchain loyalty program for its customers in Thailand. The German car manufacturer has partnered with blockchain infrastructure firm Coinweb, which will provide BMW with decentralized architecture and use Binance’s BNB Chain to settle transactions.
Coinweb will advise BMW Financial Services on cross-chain smart contract implementation as well as a cross-chain customer loyalty program. BMW will execute the project in two phases.
In the first phase, the technology will be integrated into BMW’s daily operations “to automate time-consuming manual processes and streamline operations for vehicle finance.” This includes a fully integrated, Thailand-based anti-money laundering (AML) and know-your-customer (KYC) tool.
In the second part of the plan, Coinweb will build a customized web3 application for BMW’s customer blockchain-based rewards program. Users can earn loyalty rewards through various activities, which determine the tier and rank in BMW’s ecosystem.
BMW customers will be able to use their rewards to buy products and services from the company through Binance’s native BNB chain. The project chose BNB because of its high performance in terms of cost, speed, and capacity.
“We hope that once this project is fully launched, it can be used as a benchmark to prove that traditional businesses can fully leverage blockchain technology and benefit hugely from it, without deviating from their core values and mission,”
said Toby Gilbert, the CEO of Coinweb.
BMW had already used blockchain in 2018 to monitor its cobalt supply and ensure its goods were delivered in accordance with ethical practices. Another German carmaker, Mercedes-Benz, has been promoting its brand through NFTs, and this month it released five trademark applications related to web3.
Even though the reward program is currently only available for customers in Thailand, BMW hopes to roll out the partnership globally.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].
More articles
Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].
