BMW decides to incorporate blockchain technology for a loyalty program

Of late, it has been observed that many top tier manufacturing companies started leaning towards the general NFT arena. Now it’s the turn of the absolute top-of-the-line car manufacturing company based in Germany, BMW. The company has finally decided to go for the incorporation of blockchain technology into its existing organizational structure. Therefore, the goal and intention is to actively engage with the BNB chain, together with Coinweb, which happens to be a blockchain infrastructure company. As part of the ongoing plans, this incorporation of blockchain technology will be effectively used in day-to-day functions. Along with all this, BMW is building, especially for its Thailand-based customers, a blockchain loyalty program.

By the way, the incorporation of blockchain technology is not exactly a foreign factor for BMW. Sometime in 2018, it also used blockchain technology to control and monitor its cobalt supply. In the present scenario, however, the car manufacturer’s plans and vision are to utilize the BNB chain for settlement of transactions. As for Coinweb, it will be in the area to offer a decentralized framework.

The use of blockchain technology will be distributed over two separate phases. In the startup process, decentralized technology will play an active role in its ongoing business functions. This will be done with the sole aim of doing away with all the laborious manual based processes. Along with that, it will also play a role in accelerating the financial services of the company. However, in the case of Coinweb, the exploitation procedure will be carried out in the second phase of the project. In this case, the company plans to build a customized Web3 application entirely and in relation to the company’s customer loyalty program.

According to Toby Gilbert, who happens to be the CEO of Coinweb, all the connected customers will be able to receive rewards, which will include loyalty points. Customers can then use them within the framework of the ecosystem. At the moment this happens to be aimed at their customers based in Thailand. As for the loyalty points that customers earn will determine their level and status.

As part of the future plans, the owners will find themselves in the position to use their prices for the process of purchasing all kinds of desired products and services from BMW itself, along with a connected environment. In the event that all transactions are executed, they will be duly settled by the BNB chain.