German automaker BMW will integrate blockchain technology and use BNB Chain to settle customer loyalty program transactions.
The year 2022 will have been rather rich in signs of adoption with big companies entering the cryptocurrency world. Finally, it’s BMW’s turn to integrate blockchain technology into its processes and use the BNB Chain in day-to-day operations. In partnership with Coinweb, BMW will develop a loyalty program for its Thai customers that will use Binance’s BNB Chain blockchain.
Using blockchain to eliminate unnecessary paperwork?
BMW is also considering using blockchain technology in the management of its daily operations to eliminate unnecessary paperwork, the official press release states.
The announcement details that Coinweb will advise BMW Financial Services on setting up and implementing cross-blockchain smart contracts, as well as a cross-blockchain customer loyalty program. The project is expected to be executed in 2 successive phases.
Transactions will be disseminated across multiple blockchains but Binance’s BNB Chain was chosen as the anchor chain. It is due to the performance fit in terms of cost, speed and capacity.
Toby Gilbert, CEO of Coinweb, said in part:
“It is an honor to be piloting such an exciting project with BMW. Coinweb’s first collaboration with such a prestigious domestic brand. We hope that once this project is fully launched, it can be used as a benchmark to prove that traditional businesses can take full advantage of blockchain technology. It can also benefit tremendously from it, without straying from their core values and mission.
Customers will be rewarded with loyalty points and they can spend them within the ecosystem. We hope there will be a future global rollout, but currently our partnership is for Thailand.”
As for blockchain technology, other car manufacturers such as Mercedes and Volvo are increasingly investing in this technology. It allows access to new technical advances and economies of scale.