BMW renews operations with blockchain technology from Coinweb and BNB Chain

Coinweb, a layer-2 cross-chain computing platform, announced on December 29 that it has partnered with BMW to integrate blockchain technology into the automaker’s infrastructure to improve the efficiency of financial transactions.

Coinweb stated that the main goal of this partnership is to provide a completely new experience for BMW’s customers in Thailand. To achieve this, the two companies plan to implement two different roadmaps in 2023.

The project will be divided into two phases

The first phase of the partnership will involve creating a roadmap to assess the use of smart contracts with parallel execution across chains to automate manual processes that are time and resource intensive for the company.

Coinweb brings blockchain technology to BMW – Introducing their mass user base in Thailand to their cross-chain infrastructure.

Ecstatic to end 2022 with a💥
What will 2023 bring us? pic.twitter.com/Z666FHlEzS

— Coinweb.io (@CoinwebOfficial) 29 December 2022

Coinweb plans to implement a fully integrated Anti Money Laundering (AML) and Know Your Customer (KYC) tool based on Thailand’s NDID system to streamline the process of applying for vehicle financing and reduce the associated pain points.

In the second phase of the partnership, Coinweb will create a Software as a Service (SaaS) Web3 application to develop a blockchain-based loyalty program for BMW Group customers in Thailand. Binance’s BNB chain will serve as the foundation of the program due to its high performance, low cost and fast transaction speeds.

Customers will be able to earn rewards through a variety of activities, depending on their level and rank. Customers will later be able to redeem their rewards for various products and services.

BMW and Coinweb collaborate to improve BMW Thailand’s efficiency

Bjorn Antonsson, CEO of BMW Thailand, said they were grateful to partner with Coinweb to improve the company’s efficiency and transparency by integrating Distributed Ledger Technology (DLT) into their ecosystem.

“We are very excited to work with such a great team at Coinweb and anticipate all the positive results of embracing DLT in our ecosystem. We envision this shift from manual paperwork to immutable records on the blockchain will greatly contribute to unerring efficiency and transparency,”

Antonsson also added that they expect to attract new customers through the blockchain-based rewards program they will launch in 2023.

Toby Gilbert, CEO of Coinweb, said it was an honor to work with a prestigious car company like BMW and hopes that the project, once launched, will serve as a reference for other companies looking to harness the benefits of blockchain technology and at the same time be true to their values ​​and mission.

“We 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 benefit greatly from it without deviating from their core values ​​and missions.”

This is not the first time BMW has shown interest in the cryptocurrency ecosystem. In late November, the car company filed a trademark to enter the metaverse with the intention of launching a collection of non-fungible tokens (NFT) for its customers.