BMW joins forces with Coinweb and BNB Chain to create a blockchain-enhanced loyalty program.

BMW  sets out to incorporate blockchain technology. This technology will streamline BMW's daily processes and facilitate a blockchain loyalty program tailored for Thai customers. By partnering with Coinweb, a firm specializing in blockchain frameworks, BMW will harness decentralized technology and the Binance BNB Chain for transaction settlements.

Coinweb will assist BMW Financial Services with implementing cross-chain smart contracts and developing a comprehensive customer loyalty program that spans multiple chains. The roll-out of this project will occur in two stages.

Initially, the plan involves integrating this technology into BMW’s daily operations to automate labor-intensive manual tasks and enhance the efficiency of vehicle financing procedures. This phase will also feature a Thailand-centric anti-money laundering (AML) and know-your-customer (KYC) system.

In the latter phase, Coinweb is tasked with creating a tailored web3 application for BMW's blockchain-based rewards program. Users can earn loyalty rewards Various activities will determine customers' tiers and status within BMW's ecosystem.

BMW clients will have the opportunity to redeem their rewards for products and services through the BNB chain, selected for its exceptional speed, affordability, and capacity.

“We hope that once this project is fully launched This initiative serves as a model to demonstrate how traditional businesses can successfully adopt and benefit from blockchain technology, all while staying true to their core principles and mission.

said Toby Gilbert, the CEO of Coinweb.

In fact, BMW began utilizing blockchain in 2018 to track its cobalt supply chain, ensuring ethical practices in the delivery of their products. Similarly, Mercedes-Benz has also embraced such technological advancements. promoting its brand through NFTs , and this month it released  five trademark applications  related to web3. 

Though currently limited to customers in Thailand, BMW aspires to expand this partnership on a global scale.