BMW has partnered with layer-2 cross-chain computation platform Coinweb to use blockchain technology in its operations in Thailand.
As part of the agreement, Coinweb will provide BMW with its experience and solutions for cross-chain smart contract setup and implementation, as well as the development of a cross-chain customer loyalty program.
The implementation will be carried out in two phases.
The first will include the creation of cross-chain smart contracts with the goal of automating time-consuming manual procedures and streamlining operations for BMW vehicle finance. This might include fully integrated AML and KYC tools based on Thailand’s National Digital ID.
The second stage will see Coinweb develop a SaaS Web3 application for the introduction of a customer loyalty program that will incentivize BMW Group consumers with blockchain-based rewards.
Customers will be able to earn loyalty points in several ways. As they’ll earn reward points, they will progress through the ecosystem’s levels and will be able to redeem for BMW products and services.
Because of its cost and speed performance, the integrations will be based on Binance’s BNB network.
This collaboration represents the next stage in BMW’s Web3 journey; the business initially expressed interest in the metaverse and NFTs in November, when it submitted a trademark application for its logo to safeguard its intentions.
