• BMW, the German car manufacturer, has partnered with Coinweb, a decentralized blockchain layer 2-based company, to introduce blockchain-based tools to its operations.
• These tools include a smart contracts platform to streamline financing processes, and a blockchain-based loyalty program to reward customers.
• Binance’s BNB Chain will be used as the anchor chain for these transactions due to its performance-to-cost ratio.
The luxury car manufacturer BMW has recently announced a partnership with Coinweb, a decentralized blockchain layer 2-based company, to introduce blockchain-based tools to its operations. This alliance will bring the advantages of decentralized ledger technology (DLT) to the automotive company, with the objective of streamlining different processes that need to be completed for the financing of BMW-branded vehicles.
The development of the smart contracts platform would encompass the implementation of an Anti Money Laundering (AML) & Know Your Customer (KYC) tool, adapted to the regulations of Thailand, where the project will take place. This system will help the car manufacturer to improve its efficiency, reduce costs and mitigate risks in the operations related to vehicle financing.
Additionally, this partnership also contemplates the creation of a blockchain-based loyalty program to reward customers of the brand with products and services, assigning a rank to each customer directly related to their rewards accumulation.
To ensure the reliability of the transactions, Coinweb will use Binance’s BNB Chain as the anchor chain due to its performance-to-cost ratio. However, the transactions could be broadcasted to other blockchains if needed, providing flexibility to the system.
The introduction of DLT-based tools is a part of BMW’s strategy to bring the most advanced technologies to the automotive sector, and to offer superior services to its customers. The company is confident that this alliance with Coinweb will help to further improve its processes, and to establish an innovative loyalty program that will reward its customers for their loyalty.