BMW has entered a partnership with Coinweb and BNB Chain to integrate blockchain into its business operations in Thailand. The process which is in two phases will involve the use of blockchain to automate several time-consuming, manual operations and enhance the firm’s financing services.
Phase two will be the use of blockchain technology for the creation of a customer loyalty program which will provide a smart contract-enabled reward system for its market. Details show that Coinweb will be BMW’s decentralized architecture provider while BNB Chain will be used for settling transactions.
Coinweb is a blockchain platform that connects several blockchains together. The platform makes it possible for several consensus mechanisms to exchange data, tokens, and other assets across networks. The Coinweb ecosystem also has the Coinweb wallet that holds several tokens, and the CWEB token, the governance token of the platform.
BNB Chain is a decentralised network where developers can build decentralized applications (DApps). Although initiated by Binance, it is a decentralised platform that’s being developed by several contributors. The chain is powered by BNB token.
BMW and Web3
BMW has shown interest in using Web3 tools since 2018 when they struck a deal with VeChain, a blockchain network that’s focused on transforming the supply chain industry. Another partnership in 2018 revealed that the company entered a deal with Circulor to track cobalt.
Mercedes Benz, Porsche, Nissan, Chevrolet, and Renault are among the various automobile companies integrating blockchain into their services.
Speaking about the partnership, Bjorn Antonsson, leasing head at BMW Thailand explained that the company which has followed the advancement in the decentralised world wants to increase efficiency with the use of blockchain technology.
Coinweb CEO Toby Gilbert projected that the royalty program, which will allow customers to spend rewards within the BMW ecosystem, can go beyond Thailand for the world to utilize.
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