As part of BMW’s decentralized tech integration, the company will eliminate complex paperwork in its daily operations and create a loyalty program focused on customers.
A blockchain loyalty program for BMW’s Thai customers will be developed using blockchain technology in its daily operations. Coinweb was chosen by the popular carmaker as its decentralized architecture provider, and BNB Chain was chosen as its transaction settlement platform.
Blockchain technology will be integrated into BMW’s workflow in two phases.
In the first phase, BMW will assess the feasibility of implementing parallel-executing cross-chain Smart Contracts to automate time-consuming manual processes and streamline operations. As a result, a fully integrated Anti Money Laundering (AML) and Know Your Customer (KYC) tool based on Thailand NDID will make vehicle finance applications easier and more efficient.
As part of phase two, Coinweb will develop a customized SaaS Web3 application for BMW Group’s Customer Loyalty Program, which provides blockchain-based rewards for BMW Group customers. An individual’s tier and rank in the ecosystem will be determined by the number of rewards they accumulate through various activities.
A connected ecosystem will allow owners to redeem future rewards for BMW products and services. Several blockchains will broadcast transactions, with Binance’s BNB chain selected as the anchor chain since it provides the most optimal cost, speed, and capacity performance.
When it comes to the upcoming loyalty program, Coinweb CEO Toby Gilbert explained how customers would be rewarded every time they interact with the BMW ecosystem, be it “buying a new car or getting a service,” he said:
Customers will be awarded loyalty points and be able to spend those points within the ecosystem. We hope to expand the rollout to other countries in the future, but our partnership is currently limited to Thailand.Coinweb CEO Toby Gilbert
Toby Gilbert also shared the news with his followers on Twitter.
Bjorn Antonsson, BMW Thailand’s Leasing Head, said that the company has actively monitored the progress of decentralized technology and its various applications. According to Antonsson, blockchain integration will reduce manual paperwork and contribute to transparency and efficiency for the company.
Through the blockchain-based rewards system, we look forward to developing long-term relationships with our Thailand customers and rewarding them through delivering real value in 2023.Bjorn Antonsson, BMW Thailand’s Leasing Head
Automobile manufacturers have long been interested in decentralized technology, and BMW has been involved since 2018. Blockchain technology was first used by BMW to track its cobalt supply and ensure ethical supply practices. Another popular German carmaker, Mercedes, has promoted its products through non-fungible tokens (NFTs) and crypto coins. Alfa Romeo used blockchain technology to keep track of car records, and Ferrari’s most recent deal suggests NFT integration as well.