December 29, 2022

BMW to Introduce Blockchain-Based Tech in Collaboration with Coinweb, BNB

BMW

BMW

BMW is trying to strengthen its footprints in the web3 world among car manufacturers by announcing plans to integrate blockchain technology into its operations.

The German automaker teamed up with BNB Chain, Binance’s blockchain arm, and blockchain infrastructure platform Coinweb to introduce a blockchain-based loyalty program for its customers in Thailand, Coin Telegraph reported.

The integration of blockchain technology into BMW’s operations will be done in two phases. The first phase includes integrating the blockchain-based loyalty program into BMW’s daily operations to automate time-consuming manual processes and facilitate the carmaker’s financing services.

Under the second phase, Coinweb will launch a web3 application for BMW’s customer loyalty program. Through the application, blockchain-based rewards will be given to customers to incentive them. These loyalty rewards, which the customers received, will determine their status and tier in the ecosystem.

The rewards recipients can purchase goods and services from BMW through their rewards using the BNB Chain of Binance to settle their transactions.

Coinweb CEO Toby Gilbert clarified that consumers, through the rewards, can buy cars or go for a service, saying: “Customers will be rewarded with loyalty points and they will be able to spend within the ecosystem. Our hope is that there will be a future global rollout but currently our partnership is for Thailand.”

Meanwhile, CEO of BMW Thailand expressed his excitement about working Coinweb team to introduce Distributed Ledger Technology (DLT) into their ecosystem. For his part, CEO of Coinweb Toby Gilbert noted he looks forward that the collaboration with BMW would encourage more companies to adopt blockchain-based technologies, according to Crypto Potato.

BMW’s interest in decentralized tech is nothing new. In late November, the German car manufacturer filed trademark applications to use its logo and name to offer metaverse-based services and NFTs. Over 2022, car makers like Lamborghini, FIAT, Alfa Romeo and Ferrari tapped into the web3 world whether by launching NFTs or joining the metaverse.

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