Coinweb, a layer-2 cross-chain computing platform, announced on Dec. 29 that it has entered into a partnership with BMW to integrate blockchain technology into the automaker’s infrastructure to improve the efficiency of financial transactions. .
Coinweb said the main goal of the partnership is to provide a brand new experience for BMW customers in Thailand. To achieve this, both companies plan to implement two different roadmaps in 2023.
The project is divided into two phases
The first phase of the partnership will involve creating a roadmap to evaluate the use of cross-chain parallel execution smart contracts to automate time- and resource-intensive manual processes for enterprises.
Coinweb Brings Blockchain Technology to BMW – Bringing Thailand’s Massive User Base to Cross-Chain Infrastructure. https://t.co/lrKKc9YeaG
I’m ecstatic to end 2022 with a 💥
What will 2023 bring us? pic.twitter.com/Z666FHlEzS— Coinweb.io (@CoinwebOfficial) December 29, 2022
Based on Thailand’s NDID system, Coinweb has implemented fully integrated Anti-Money Laundering (AML) and Know Your Customer (KYC) tools to streamline the vehicle financing application process and eliminate related pain points. I’m planning on mitigating.
In the second phase of the partnership, Coinweb will create a Software as a Service (SaaS) Web3 application and develop a blockchain-based loyalty program for BMW Group customers in Thailand. Binance’s BNB chain serves as the foundation of the program due to its high performance, low cost, and fast transaction speed.
Customers can earn rewards through various activities depending on their level and rank. Rewards can later be redeemed for various products and services.
BMW and Coinweb Partner to Improve Efficiency at BMW Thailand
BMW Thailand CEO Bjorn Antonsson said he is grateful to work with Coinweb to improve the company’s efficiency and transparency by integrating distributed ledger technology (DLT) into its ecosystem.
“We are very happy to work with such a great team at Coinweb and we hope to see all the positive results from bringing DLT into the ecosystem. Immutability on Blockchain We anticipate that the shift of manual paperwork to our records will greatly contribute to error-free efficiency and transparency.”
Antonsson added that it also hopes to attract new customers through its blockchain-based rewards program, which will launch in 2023.
Coinweb CEO Toby Gilbert said it was an honor to work with such a well-known automotive company as BMW and that the project, once launched, would serve as a reference for other companies looking to leverage the benefits of blockchain technology. I hope that their values and mission.
“Once this project is fully launched, we hope it can be used as a benchmark to prove that traditional companies can fully leverage blockchain technology and reap significant benefits without deviating from their core values and mission. increase.”
This is not the first time BMW has shown interest in the cryptocurrency ecosystem. car company in late November filed a trademark We are entering the metaverse with the intention of launching a collection of non-fungible tokens (NFTs) for our customers.
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