BMW taps Coinweb and BNB chain for its blockchain loyalty program 

In a bid to ideally incorporate blockchain technology into its operations and consumer services in Thailand, BMW is seeking Coinweb’s advisory services.

BMW wants Coinweb’s help with finance, contract set-up, contract implementation, and management of its cross-chain loyalty program. The two-phase project execution plan will see Coinweb and BNB chain offering its automotive partner (BMW) unfettered access to blockchain’s decentralized ledger technology (DLT). 

What to expect from Coinweb and BMW

The first phase will involve a holistic feasibility assessment for cross-chain parallel-executing smart contracts meant to automate and streamline all finance operations of BMW. 

The streamlining and automation processes will also involve a complete integration of anti-money laundering (AML), and know-your-customer (KYC) features with Thailand’s National Digital Identity (NDID). 

The second phase will see Coinweb building blockchain-based customized SaaS web3 loyalty programs with modalities for incentivizing BMW customers. 

All incentives or rewards in the loyalty programs are earned through activities, and the number of dividends a customer has will determine his tier in the BMW ecosystem. 

Due to the immutability and scalability of blockchain technology, the connected ecosystem makes it easy for rewards owners to quickly redeem their rewards for products and services. 

BNB chain has been chosen as the anchor chain that heralds blockchains operations at minimal cost, better speeds, and higher scalability. 

CEO Bjorn Antonsson of BMW Leasing (Thailand), while reacting to the development, said BMW looks forward to all the benefits of incorporating DLT into its ecosystem and is thrilled to be collaborating with a fantastic team at Coinweb.

The CEO thinks that moving away from manual records and toward immutable records on the blockchain will significantly increase efficiency and transparency.

Antonsson added that the brand looks forward to fostering long-standing relationships with its clients in Thailand and rewarding them simultaneously through implementing a blockchain-based rewards program that offers genuine value in 2023.

Coinweb CEO Toby Gilbert, in a statement, also expressed the company’s excitement in piloting such an initiative with a brand like BMW. Also, he hopes that a successful development process would provide a benchmark for other traditional brands to see the possibilities and opportunities in blockchain technology.

BMW is not the only automotive brand exploring blockchain 

BMW became the first automotive brand to explore blockchain in 2018 after it used blockchain technology to track its cobalt supply and ensure that all its products were delivered following global standards.

German Carmaker Mercedes has also been actively exploring blockchain technology for its loyalty programs, logistics management, and using NFT as promotional tools. 

Alfa Romeo, an Italian automaker, employed blockchain technology to track vehicle records, and Ferrari’s new agreement may also incorporate NFTs.