BMW is ready to enter blockchain technology. This aims to make the financial infrastructure more permanent and transparent when it comes to maintaining records. German luxury car manufacturer BMW has partnered with Coinweb, which is a layer-2 cross-chain computing platform working to execute smart contracts. BMW has chosen Binance’s BNB chain to be the foundation of the initiative due to its low cost and fast transaction speeds.
Interested BMW purchases in Thailand will need to apply for a vehicle financing requirement on a platform to be designed by Coinweb. This platform will essentially help the buyers store KYC details in an irreversible format and in accordance with the laws of Thailand, according to Coinweb.
Managing Director Bjorn Antonsson of BMW Leasing, Thailand Division said that they foresee this shift from manual paperwork to immutable records on the blockchain to contribute enormously to infallible efficiency and transparency.
BMW’s blockchain has been split into two parts. The first part is dedicated to creating a future plan for BMW to explore cross-chain smart contracts. This will save time for both the customer and the company, which would otherwise continue to be prolonged with manual processes.
The second part will keep track of Coinweb, which is developing a special Web3 service to produce a blockchain-based loyalty program for Thailand’s BMW customers.
Collecting rewards on this program will help customers earn special offers and services.
Toby Gilbert, CEO of Coinweb said that they hope that once this project is fully launched, it can be used as a benchmark to prove that traditional businesses can fully utilize blockchain technology and can get maximum benefits from the same without deviating from their core values . and mission.
On December 14, Italy partnered with Algorand blockchain to support an upcoming digital guarantee platform to issue bank and insurance guarantees on the blockchain, which is a digital ledger technology (DLT). With this action, Italy will become the first member nation of the European Union (EU) to mix blockchain with its financial and insurance systems in 2023.
The Algorand blockchain recently made a choice to include the Maharashtra government in India to store and support health data as NFTs.
