Luxury car maker BMW is set to use blockchain technology Daily business in Thailand. BMW Thailand has partnered with blockchain company Coinweb to develop a tool to automate the car financing process and loyalty program.
BMW Thailand uses blockchain distributed ledger technology (DLT) to bring a whole new experience to its Thai customer base.
Coinweb advises BMW Financial Services on cross-chain smart contract setup and implementation and cross-chain customer loyalty program.
The project is set up to run in two phases. In the first phase, the realization of cross-chain parallel execution smart contracts will be provided by BMW through BMW Leasing (Thailand) Co. Ltd. to automate time-consuming manual processes and streamline vehicle finance operations. A feasibility assessment is performed.
According to the company, this could include fully integrated anti-money laundering (AML) and know your customer (KYC) tools based on Thailand’s NDID, alleviating pain points associated with vehicle finance applications. increase.
In the second phase, Coinweb will build a customized SaaS Web3 application for its customer loyalty program, with transactions broadcast to multiple blockchains. Her BNB chain on Binance is chosen as the anchor chain due to its performance suitability in terms of cost, speed and capacity.
The Loyalty Program provides BMW Group customers with a blockchain-based rewards program. Owners can redeem rewards for products and services, both at BMW and in the future, within a connected ecosystem. A blockchain-based reward system is expected to roll out in 2023.
This shifts manual paperwork to immutable records on the blockchain, greatly contributing to error-free efficiency and transparency.
BMW Group is not new to blockchain technology. In 2018, he co-founded the Mobility Open Blockchain Initiative (MOBI). work Handle processes more closely and coordinate across companies.
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