Blockchain

BMW Promotes Access To Blockchain Technology To Users In Thailand

Key Points:

A blockchain loyalty program will be developed for BMW’s Thai clients, and the company wants to incorporate blockchain technology into its daily operations.
The well-known automaker has chosen BNB Chain for transaction settlement and Coinweb as its decentralized architecture supplier.
The automaker will implement blockchain technology into its processes in two stages.

To streamline its daily operations and provide its clients with blockchain loyalty programs in Thailand, the automaker BMW incorporated blockchain solutions through BNB Chain and Coinweb, a blockchain infrastructure company.

In the initial stage, BMW will concentrate on fully automating all of its company operations, notably its finance operations.

According to reports, BMW joined Coinweb, a layer-2 cross-chain computation platform that began its journey in mid-2017, to give its operations a decentralized and effective architecture. On the other hand, the BNB Chain will assist the automaker in settling every transaction.

BMW will now be utilizing blockchain technology for the second time after doing so four years ago to track its cobalt supply.

The second phase will concentrate on launching a new customer loyalty program using a tailored Web3 app created by Coinweb. Each customer’s status within the BMW ecosystem will be determined by this app using their reward points.

The automaker customers will soon be able to purchase the company’s items thanks to the rewards, with payments being processed through the BNB network.

The company actively monitored the development of decentralized technology and its numerous use cases over the years, according to Bjorn Antonsson, leasing head at BMW Thailand. Antonsson thought that incorporating blockchain technology into their daily tasks would eliminate the manual paperwork and improve the effectiveness and transparency of the business.

In addition to BMW, Ford also started a blockchain trial in 2019 to guarantee that cobalt is supplied ethically and without using child labor. Volkswagen and Hyundai, two automakers, will also use blockchain technology in their operations.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.