Despite this year’s bear market, BMW is betting on blockchain technology – and Binance Exchange’s BNB chain.
In a recent press release, crypto software development and consulting firm Coinweb said it was working with BMW Leasing (Thailand) Limited on a blockchain pilot. As part of the cooperation, the two companies want to automate some manual and complex processes and offer customers a whole new experience through virtual bonus programs.
BMW and the Binance Blockchain
In the first phase of the project, the two companies want to optimize complex customer processes in Thailand using smart contracts that work in parallel. This includes, for example, the financing of the vehicle offered by BMW and possibly also the implementation or compliance with the know-your-customer and money laundering laws required in the country.
“This is also a problem in other Asian countries,” Anton Roos, CMO of Coinweb, told BeInCrypto.
In the second phase, a blockchain-based bonus program for BMW customers will be created. Customers have the opportunity to earn points with each interaction. They can then exchange them for other products and services. For this, Coinweb relies on Binance’s BNB chain. Roos explained:
“We advise our clients, e.g. B. Which area of their business could benefit from blockchain technology and which underlying chain(s) are suitable for the respective use case. In the case of BMW in Thailand, among the 7 different chains we are connected to, we chose the BNB blockchain. The reason for this is performance adequacy in terms of cost, speed, and capacity. Once we release public APIs or SDKs, anyone can embed their app to any channel Coinweb is connected to.
Unfortunately, Coinweb was unable to tell us in what form – tokens, NFTs or cryptocurrencies – the bonuses will be distributed due to the agreement with the Thai branch of BMW. Nevertheless, the latest developments show that the tokenization of reward points can take place.
Coinweb: Are interoperability and decentralization the future?
Remarkably, BMW is working with a company committed to decentralization and interoperability. According to the Litepaper, Coinweb wants to use a decentralized, cross-chain cloud computing system “Creating an incredible decentralized future”.
Users and businesses should use LinkMint, a cross-chain tokenization platform, to be able to send tokens from any blockchain to another chain. In the future, these would also be exchangeable between chains via the DeconX decentralized marketplace. Additionally, the company also wants to create transaction options for credit card providers and banks through its own Coinweb wallets.
The latter may turn out to be BMW’s Loyalty Points interface – with the Binance Chain as its base.
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