BMW Adopts Blockchain Tech For Loyalty Program

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Car manufacturing company BMW has integrated blockchain solutions through BNB Chain and Coinweb for its loyalty program.

BMW x Coinweb Partnership 

The luxury car brand has partnered with blockchain company Coinweb to integrate blockchain technology into its organization. This integration will greatly benefit BMW’s customers in Thailand through a cross-chain customer loyalty program and will be executed in two phases. 

Coinweb will also be introducing a cross-chain Smart Contract set-up and implementation for BMW. Additionally, the BNB Chain has been chosen as the anchor chain to broadcast transactions to multiple blockchains. 

The CEO of BMW Leasing (Thailand) spoke on the partnership and the blockchain loyalty program, saying, 

“We are very excited to be working with such a great team at Coinweb, and anticipate all the positive outcomes of embracing DLT into our ecosystem. We foresee this shift of manual paperwork towards immutable records on the blockchain to immensely contribute to infallible efficiency and transparency. For our long-time customers here in Thailand, we look forward to continually cultivating their loyalty while rewarding them at the same time through the blockchain-based rewards system delivering real value to be rolled out in 2023.”

BMW had previously joined forces with Ford and the non-profit alliance MOBI (Mobility Open Blockchain Initiative) to release the second part of the Vehicle Identity Standard (VID II)

First Phase Plans

In the first phase of the project, both parties will be testing if it is feasible to cross-chain parallel-execute Smart Contracts. The focus will be to automate time-consuming manual processes and streamline vehicle finance operations as offered by BMW. This assessment will have to incorporate checks like fully integrated Anti Money Laundering (AML) and Know Your Customer (KYC) processes abiding by Thailand laws. 

Second Phase Plans

In the second phase of the project, Coinweb will develop a customized SaaS Web3 application for a customer loyalty program for BMW customers to be able to earn rewards through the blockchain-based rewards program. Owners will collect and accumulate loyalty points through various activities and then be able to redeem them against certain products and services from the BMW ecosystem. 

Coinweb CEO Toby Gilbert has also spoken on the partnership, 

“It is an honour to be piloting such an exciting project with BMW, Coinweb’s first collaboration with such a prestigious household brand. 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.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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