• BMW, the luxury car manufacturer, has partnered with Coinweb, a decentralized blockchain layer 2-based company, to introduce blockchain-based tools to its operations.
• These tools include automation for vehicle financing processes, and also a rewards program for customers of the automotive company adapted to compliance processes in Thailand.
• The alliance will use Binance’s Bnb Chain as the anchor chain for these transactions due to its performance-to-cost ratio.
BMW, the German car manufacturer, has recently announced a partnership with Coinweb, a layer 2 (L2) blockchain interoperability protocol, in order to introduce blockchain-based processes to its operations. This alliance will enable the introduction of blockchain-based tools that can streamline different processes, such as the financing of BMW-branded vehicles, and also a rewards program for customers of the automotive company adapted to compliance processes in Thailand.
The first task of this partnership involves the development of a smart contracts platform that can be used to facilitate the financing of BMW vehicles, which will include the implementation of an Anti Money Laundering (AML) and Know Your Customer (KYC) tool that is adapted to the local laws of Thailand. The smart contracts platform will also provide a secure environment for the completion of the various procedures needed for the financing of vehicles.
The second task of this alliance is the creation of a blockchain-based loyalty program that will reward customers of the BMW brand with products and services, assigning a rank to each customer directly related to their rewards accumulation. Coinweb stated that it will use Binance’s Bnb Chain as the anchor chain for these transactions due to its performance-to-cost ratio. However, the transactions could be broadcasted to other blockchains if needed.
The introduction of blockchain processes to BMW’s operations is expected to bring multiple benefits, such as a more efficient and secure process for the financing of vehicles, as well as the ability to reward customers in a cost-effective manner. Moreover, by using a layer 2 protocol, BMW will be able to take advantage of the speed and scalability of the blockchain technology, while still maintaining the security of the information.
In conclusion, BMW’s partnership with Coinweb is an example of how companies are increasingly introducing blockchain processes as part of their operations due to the ostensible reliability of the tech and how it can help save on costs. The two tasks of this partnership are expected to bring multiple benefits to BMW, its customers, and the automotive industry as a whole.