BMW Implements Coinweb and BNB Chain Blockchain Technology

To strengthen its operational model, BMW is putting its faith in the distributed ledger technology known as the blockchain. The business is currently utilizing technology provided by Coinweb and Binance.

Coinweb, a layer-2 cross-chain computation platform, revealed on the 29th of December that it had formed a partnership with BMW to integrate blockchain technology into the infrastructure of the automobile manufacturer. The goal of this partnership is to increase the speed and accuracy of financial transactions.

According to a statement made by Coinweb, the major objective of this relationship is to deliver an entirely novel experience to BMW’s clients located in Thailand. In 2023, the two corporations intend to put into effect two distinct roadmaps in order to accomplish this goal.

The Project Is Going to Be Broken Down Into Two Stages

The first stage of the partnership will involve the establishment of a road map to evaluate the use of cross-chain smart contracts that execute in parallel in order to automate manual operations that are resource-intensive and take a lot of time for the organization.

Coinweb wants to implement a fully integrated Anti-Money Laundering (AML) and Know Your Customer (KYC) tool based on Thailand’s NDID system in order to streamline the process of applying for car finance and remove the pain points that are connected with it.

Coinweb will construct a Software as a Service (SaaS) Web3 application to build a blockchain-based loyalty program for clients of the BMW Group in Thailand during the second phase of the relationship. Because of its excellent performance, low cost, and lightning-fast transaction speeds, Binance’s BNB Chain has been chosen to serve as the foundation for the initiative.

Depending on their current level and rank, customers will have the opportunity to earn rewards through a range of different activities. They will eventually have the opportunity to exchange their prizes for a variety of products and services.

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The partnership between BMW and Coinweb will help improve BMW Thailand’s productivity.

Bjorn Antonsson, the CEO of BMW Thailand, expressed gratitude for the opportunity to collaborate with Coinweb to improve the company’s efficacy and transparency through the incorporation of Distributed Ledger Technology (DLT) into their ecosystem. He stated that they were thankful to have worked with Coinweb.

“We are really happy to be working with such an incredible team at Coinweb, and we anticipate all of the positive consequences that will result from incorporating DLT into our ecosystem. We anticipate that the transition from manual documentation to records stored on the blockchain, which are immutable, will enormously contribute to unrivaled levels of both efficiency and transparency.”

Antonsson also mentioned that they anticipate being able to acquire new clients as a result of the blockchain-based incentive program that will be introduced in the year 2023.

Toby Gilbert, the CEO of Coinweb, stated that it was an honor to work with a prestigious automotive company like BMW. He also expressed his hope that the project, once it has been launched, will serve as a reference for other businesses that are looking to leverage the benefits of blockchain technology while remaining true to their values and missions.

“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. 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.”

It is not the first time that BMW has demonstrated an interest in the ecology surrounding cryptocurrencies. Late in the month of November, the automobile company submitted a trademark application in order to enter the metaverse with the objective of introducing a selection of non-fungible tokens (NFTs) for the benefit of its clients.

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