BMW to Leverage Blockchain for Vehicle Financing and Customer Rewards

BMW, the luxury car manufacturer, has announced a partnership with Coinweb, a decentralized blockchain layer 2-based company, to introduce blockchain-based tools to its operations in Thailand. Coinweb will be using Binance’s Bnb Chain as the anchor chain for these transactions, though the transactions can be broadcasted to other blockchains if needed.

Streamlining Vehicle Financing with Smart Contracts One of the main tasks of this partnership is the development of a smart contracts platform to streamline the financing process for BMW vehicles. This platform will include a “fully integrated Anti Money Laundering (AML) & Know Your Customer (KYC) tool” that will be adapted to Thailand’s local laws.

Implementing a Blockchain-Based Loyalty Program The partnership will also result in the creation of a blockchain-based loyalty program to reward BMW customers with products and services. Customers will be assigned a rank based on the amount of rewards they have accumulated.

CEO of BMW Leasing in Thailand, Bjorn Antonsson, has spoken about the benefits of shifting manual processes to immutable records on the blockchain, citing increased efficiency and transparency.

The announcement of this partnership comes at a time when the market for blockchain-based technology is experiencing a downturn due to the declining value of cryptocurrencies and the cancellation of non-crypto projects like Tradelens and the blockchain-based engine for the Australian Stock Exchange.