Coinweb delivers blockchain loyalty program to BMW – News
Coinweb offers its Automotive partner BMW Thailand access to Blockchain Distributed Ledger Technology set to bring a brand new experience to BMW’s customer base in Thailand. — Attached picture
Coinweb and BMW have entered into a partnership to introduce blockchain technology to the latter’s workflow and customers in Thailand.
Coinweb will advise BMW Financial Services on the setup and implementation of cross-chain smart contracts, as well as a cross-chain customer loyalty program. The project will be carried out in two phases.
The first rollout plan is a feasibility assessment for the parallel execution of cross-chain smart contracts aimed at automating time-consuming manual processes and streamlining operations for vehicle financing offered by BMW. This could include a fully integrated Anti Money Laundering (AML) and Know Your Customer (KYC) tool based on the Thailand NDID that will reduce pain points associated with vehicle finance applications.
The second phase of the project sees Coinweb build a custom SaaS Web3 application for a customer loyalty program, incentivizing BMW Group customers with a blockchain-based rewards program.
Loyalty rewards are earned through various activities, and reward accumulation will determine the individual’s level and rank in the ecosystem. Owners will be able to redeem the rewards for products and services both with BMW and in the future within a connected ecosystem.
Transactions will be broadcast to multiple blockchains, with Binance’s BNB chain being chosen as the anchor chain due to its performance suitability in terms of cost, speed and capacity.
“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 anticipate that this shift from manual paperwork to immutable records on the blockchain will greatly contribute to infallible efficiency and transparency,” said CEO Bjørn Antonsson of BMW Leasing (Thailand) Co,.Ltd.
“For our long-standing customers here in Thailand, we look forward to continuously cultivating their loyalty while rewarding them through the blockchain-based reward system that delivers real value to be rolled out in 2023.”
For Coinweb CEO, Toby Gilbert, “It is an honor to pilot such an exciting project with BMW, Coinweb’s first collaboration with such a prestigious household brand. 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 mission.
