- In addition to creating a blockchain loyalty program for its Thai customers, BMW intends to integrate blockchain technology into its regular company operations.
- In two stages, BMW will integrate blockchain technology into its operations.
- During the second part of the project, Coinweb would develop a unique Web3 application for BMW’s customer loyalty program.
BMW plans to use blockchain technology in its everyday business practices and develop a blockchain loyalty program for its Thai consumers. The well-known automaker has chosen BNB Chain for transaction settlement and Coinweb as its decentralized architecture supplier.
BMW will implement blockchain technology into its processes in two stages. The decentralized technology will first be included in BMW’s regular business operations to automate laborious manual processes and expedite the firm’s vehicle financing services.
Coinweb would create a specific Web3 application for BMW’s customer loyalty program during the project’s second phase. The program will reward BMW Group customers via a blockchain-based rewards system. The loyalty rewards a consumer has earned through various behaviors will determine their ecosystem tier and position.
In the future, owners will be able to use their awards to buy products and services from BMW as well as from a connected environment. Transactions will be settled via the BNB chain, which is native to Binance. Earlier, BMW filed for its NFT and Mataverse trademark applications.
The development of decentralized technology and its numerous use cases has been actively monitored by the company over the years, according to Bjorn Antonsson, leasing head at BMW Thailand. Antonsson thought that by incorporating blockchain technology into daily operations, the manual paperwork would be eliminated and the company’s efficiency and transparency would increase.
Automakers have long been interested in decentralized technology, and BMW has been working with the technology since 2018. BMW was the first to employ blockchain technology to monitor its cobalt supply and make sure that its products were sourced ethically. Mercedes, another well-known German automaker, has aggressively exploited nonfungible tokens and cryptocurrency coins as marketing tools.
Their tier and position are determined by the user loyalty points they have collected through various actions. Owners will eventually be able to use their rewards to purchase goods and services from both BMW and a connected environment. The BNB network will be used to settle transactions.