BMW's blockchain-based Customer Loyalty Programme will be available to its customers in Thailand.
BMW (Bayerische Motoren Werke), a Munich-based German multinational manufacturer of luxury vehicles and motorcycles, has partnered with a Cross-Chain Computation Platform, CoinWeb.
According to the press release shared by Bloomberg on December 29th, the partnership aims to bring blockchain technology to BMW’s daily operations and launch a blockchain-based loyalty program for its customers in Thailand.
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The press release noted that the project is set to be completed in two phases.
In the first phase, CoinWeb will help BMW to integrate distributed ledger technology (DLT) into its daily operations to “automate time-consuming manual processes and streamline operations for vehicle finance offered by BMW.” The new technology is set to fully integrate Know Your Customer (KYC) and Anti Money Laundering (AML) requirements.
When talking about the collaboration, BMW Leasing(Thailand) Co,.Ltd., CEO Bjorn Antonsson stated:
We are very excited to be working with such a great team at Coinweb, and anticipate all the positive outcomes of embracing DLT into our ecosystem. We foresee this shift of manual paperwork towards immutable records on the blockchain to immensely contribute to infallible efficiency and transparency.
In the second phase, CoinWeb is set to build a “SaaS Web3 application for a Customer Loyalty Programme.” Through the BMW Loyalty Programme, customers in Thailand will be able to earn various rewards by participating in certain activities and redeem them through BMW or other connected ecosystems.
To execute its project, BMW chose the BNB Chain as it is characterized by speed, cost and capacity.
Coinweb's CEO, Toby Gilbert, shared his excitement about the partnership by stating:
It is an honor to be piloting such an exciting project with BMW <...>. We hope that once this project is fully launched, it can be used as a benchmark to prove that traditional businesses can fully leverage blockchain technology and benefit hugely from it, without deviating from their core values and mission.
Other car manufacturers are also including blockchain technology in their business. For example, car manufacturer Alfa Romeo used blockchain technology to track car records.