HONG KONG, CHINA / ACCESSWIRE / December 29, 2022 / Hong Kong – 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 is set to be carried out in 2 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) & 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 foresee all the positive results of embracing DLT into our ecosystem. We envision this shift from manual paperwork to immutable records on the blockchain will contribute enormously to unerring 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.”
About Coinweb: Coinweb.io is a layer-2 cross-chain computing platform that began its journey in mid-2017. With an impressive lineup of team members and a board of advisors from the worlds of traditional technology, business, and blockchain, Coinweb believes they solve some of the most critical problems that exist in distributed ledger technology today.
About Bayerische Motoren Werke AG: With 106 years of history, BMW has continued to prove itself as one of the world’s leading car manufacturers of all time. With offices all over the world, BMW Leasing (Thailand) Co.,Ltd. acts as an extended arm of the headquarters to better offer its products and services to the local Thai market.
Media details:
Company name: Coinweb
Website: Coinweb.io
Contact person: Ain Mohd
Mail: [email protected]
City and Country: Hong Kong
SOURCE: CoinWeb
