BMW to Integrate Blockchain Technology with Coinweb and BNB Chain
Bayerische Motoren Werke AG (BMW AG), the German car manufacturing giant, is integrating blockchain technology into its business which will be made possible with Coinweb, a layer-2 cross-chain computation platform, and BNB Chain.
According to a press release published on Thursday, December 29, the car manufacturer has partnered with Coinweb to build a blockchain infrastructure.
A Two-Phase Project
According to the company, BMW’s blockchain project will be executed in two phases. Coinweb will advise BMW Financial Services on a cross-chain smart contract setup and build a cross-chain customer loyalty program to provide a whole new experience to BMW’s customer base in Thailand.
In the first phase, there will be a feasibility assessment “for cross-chain parallel-executing Smart Contracts” to automate time-consuming operations for vehicle finance offered by BMW. This will include integrated Anti Money Laundering (AML) & Know Your Customer (KYC) tools to simplify vehicle finance application processes.
In the second phase, Coinweb will build a “customized SaaS Web3 applicationfor a Customer Loyalty Program” where BMW customers can earn rewards through various activities. Car owner can then redeem their rewards for BMW products and services.
Bjorn Antonsson, CEO of BMW Thailand, commented:
“We are very excited to be working with such a great team at Coinweb, and anticipate all the positive outcomes of embracing DLT into our ecosystem. We foresee this shift of manual paperwork towards immutable records on the blockchain to immensely contribute to infallible efficiency and transparency. For our long-time customers here in Thailand, we look forward to continually cultivating their loyalty while rewarding them at the same time through the blockchain-based rewards system delivering real value to be rolled out in 2023.”
Toby Gilbert, CEO of Coinweb, stated:
“It is an honor to be piloting such an exciting project with BMW, Coinweb’s first collaboration with such a prestigious household brand. We hope that once this project is fully launched, it can be used as a benchmark to prove that traditional businesses can fully leverage blockchain technology and benefit hugely from it, without deviating from their core values and mission.”
BNB Chain will be used as an anchor chain to settle the transactions. However, other blockchain networks will also be available. The companies cited the cost, speed, and capacity suitability of BNB Chain as the reason to choose it as the main network. BNB Chain is getting better day by day and as reported, has recently implemented its own zero-knowledge (ZK) proof scaling mechanism, which it dubbed zkBNB.