BMW Partners With Coinweb And BNB Chain for Blockchain Loyalty Program
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BMW to Imply Blockchain Technology in Stages
BMW will implement blockchain technology into its processes in two stages. The decentralized technology will first be included in BMW's regular business operations with the purpose of eliminating laborious manual procedures and expediting the firm's automobile finance services.
In the second part of the project, Coinweb would create a specific Web3 application for the BMW customer loyalty program. The program will compensate BMW Group customers via a blockchain-based rewards system. The loyalty incentives a consumer has earned via different characteristics will define their tier and position within the ecosystem.
Benefits of Loyalty Program to Customers
In the future, automobile owners will use their awards to buy products and services from BMW and a connected environment. Transactions will be settled via the BNB chain, which is local to Binance.
Toby Gilbert, CEO of Coinweb, outlined how customers would benefit from the future loyalty program by saying that they will be awarded each time they engage with the BMW ecosystem, whether they are purchasing a new car or making a purchase for a servicing. He further stated that the ecosystem would offer incentives with loyalty points they may use to make purchases. Although cooperation is present with Thailand, they expect that a future worldwide deployment will occur.
Development of Decentralized Technology
Bjorn Antonsson, the leasing manager for BMW Thailand, stated that the company has been keeping a close eye on the development of decentralized technology and the numerous applications it has found over the years. Antonsson believed that by incorporating blockchain technology into their everyday operations, they would do away with manual documentation and improve the organization's effectiveness and transparency.