BMW with Coinweb & BNB chain to bring blockchain technology to Thailand
BMW, a German car manufacturer, intends to bring blockchain technology to Thai customers and businesses. Where the BNB Chain “will be selected as the anchor chain” and will settle transactions.
As the source of its decentralized architecture, BNW has integrated Coinweb, a layer-2 cross-chain computing platform. BMW Financial Services will follow assistance from Coinweb on how to set up and distribute smart contracts across chains, as well as the customer loyalty program.
Two phases are planned for the implementation of the project. A feasibility analysis for cross-chain smart contracts executed in parallel is the first step in the rollout plan. The goal is to eliminate time-consuming manual procedures and improve the workflow of BMW’s car financing services.
According to the report, a fully integrated Anti Money Laundering (AML) & KYC tool based on Thailand NDID can be included to reduce difficulties in applying for vehicle financing.
In the second phase of the project, Coinweb will create a unique SaaS Web3 application for a customer loyalty program that will reward BMW Group consumers using a blockchain.
The BNB chain on Binance, which was chosen as the anchor chain due to its performance suitability in terms of cost, speed and capacity, will receive broadcasts of transactions to different blockchains.
CEO Bjørn Antonsson of BMW Leasing (Thailand) said:
For our long-time customers here in Thailand, we look forward to continuously cultivating their loyalty while rewarding them through the real-value blockchain-based reward system to be rolled out in 2023.
The BNB chain’s growth in 2022
In terms of bringing the following billion users onto Web3 over the previous year, BNB Chain has made significant progress. It has more unique addresses than ETH and has passed 230 million, making it “the largest layer 1 blockchain in the world.”
The network offered a number of rapid developments that enabled faster transactions, reduced prices and more capacity following the 2022 tech roadmap, focused on multi-chain interoperability.
Furthermore, the BNB network intends to introduce the zkBNB network in 2023 and conduct developer meetups and hackathons for groups interested in using zkBNB. In addition, it plans to introduce other tools to improve the user experience on dApps.
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