German carmaker BMW has revealed plans to integrate blockchain technology into the company’s daily operations. This comes alongside introducing a blockchain loyalty program for its customer base across Thailand.
To achieve these plans, the famed car maker has brought in the services and skill of blockchain infrastructure company Coinweb. Coinweb’s input will include the provision of decentralized architecture as well as BNB Chain for settling transactions.
BMW’s Move Tapping Coinweb and BNB Chain for Blockchain Loyalty Program
Based on the report, BMW will use two phases in the integration of blockchain technology into its workflow.
Phase 1: Streamlining Financing Services
To begin with, the project will streamline BMW’s automobile financing services by melding the decentralized tech into the company’s daily operations. The goal here is to automate the manual processes that are otherwise time consuming.
Phase 2: Loyalty Program Implementation
In phase two of the project, Coinweb would develop a specific Web3 application for BMW’s customer loyalty program. To do this, the program would use a blockchain-based rewards structure for incentivizing the customers of the company. The loyalty program would be able to determine the tier and status of individual customers within the ecosystem. Notably, the tier and status are not free.
Accordingly, reward owners would reserve the right and choice to use these rewards for goods and services acquisition from BMW. The can also be served at any other vendor linked to the ecosystem in the future. The announcement also revealed that Binance’s native BNB chain will be used in settling transactions.
Replying to a news site when asked how the advertised loyalty program will reward customers, Coinweb CEO Toby Gilbert explained that customers get a reward for every business dealings they have with the BMW ecosystem. Encounter in the regard mean the buying of a new car or visiting the company for a service. Gilbert also added:
“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.”
In a statement, BMW Thailand’s head of leasing Bjorn Antonsson said that the company has been actively keeping track of the advancements in the decentralized tech space. He also noted that they had been monitoring various uses cases year upon year.
In this regard, Antonsson said that he hoped that bringing blockchain technology into their daily operations would get rid of the tiresome manual paperwork. Antonsson also hoped that it would contribute towards the company’s efficiency and transparency.
This is not the first time the German automobile manufacture has demonstrated interest in decentralized tech. BMW has been an active player in the tech space since 2018. First, it used blockchain technology to track the supply of its raw materials like cobalt, and ascertaining that the supply of its products takes place ethically.
BMW Leads Automobile Manufacturers Interested in Decentralized Tech
BMW is not the only automobile manufacture that has expressed interest in decentralized tech. Its market and industry peer, Mercedes, has also been active in leveraging the promotional potency of non-fungible tokens (NFTs). Mercedes also used cryptocurrency coins in its marketing endeavors.
Mercedes may join @Lamborghini, @Porsche, @Ferrari, @alfa_romeo, @chevrolet and other automakers competing for metaverse space. 🚗🏎️@MercedesBenz has recently filed for five metaverse and NFT-related trademark applications with the @uspto. ©️™️#cars #automotive #nft #nfts pic.twitter.com/J8K47NbTs4
— Mynt (@MyntLA) December 28, 2022
Noteworthy, the recently collapsed crypto firm, FTX, was among the main crypto companions of Mercedes. Others like Italian car manufacturer Alfa Romeo have also employed blockchain technology in tracking the records of cars. The luxurious Ferrari has also recently entered a deal hinting at the integration of NFT.
Happy #ModifiedMonday /// Check out this item on OpenSea #Ferrari #RistArt #NFT 😎🇮🇹👊https://t.co/RO8L7tSYjq via @opensea pic.twitter.com/An2dt68FVL
— Charles Rist (@CharlesRist) January 2, 2023
Ferrari Drops Crypto Sponsor From Companion Checklist As NFTs In F1 Remain To Drop
On other news, Ferrari has just dropped Velas from its companion listing. The move has led to an extra adverse growth for crypto that is yet to shed its ground in Formula 1.
F1 News: Ferrari removes crypto sponsor from partner list as NFTs in F1 continue to fall – Sports Illustrated https://t.co/2hx0r8wWlw #NFTCommunity #NFTGiveaways #NFT
— SendYourNFT (@SENDYOURNFT) January 2, 2023
The Italian team had disclosed their partnership with Velas in December 2021. This was marked by subsequent instances where F1 groups presented themselves as being passionate about securing contracts with cryptocurrency companies. Since then, the ground has actually shifted dramatically both within the crypto and blockchain spaces cutting down their worth by significant margins.
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