BMW plans to use the blockchain technology, aiming to make the financial infrastructure more permanent and transparent in terms of record keeping. The German luxury car maker has teamed up with Coinweb, a layer-2 cross-chain computing platform, to execute smart contracts. Binance’s BNB Chain was chosen by BMW to form the basis for the initiative due to its low fees and fast transaction speed. BMW has chosen its operations in Thailand to carry out the first phase of its blockchain transition.
Interested buyers of BMW in Thailand will have to apply for a vehicle financing requirement on a platform that will be designed by Coinweb. This platform essentially ensures that buyers store their KYC data in an irreversible format and in compliance with Thailand’s laws, Coinweb said in a statement. official announcement.
“We foresee this shift from manual paperwork to immutable records on the blockchain to greatly contribute to foolproof efficiency and transparency,” said CEO Bjorn Antonsson of BMW Leasing, Thailand division.
The pilot of BMW’s blockchain movement has been split into two parts. The first part focuses on creating a future plan for BMW to explore with cross-chain smart contracts. This would save time between customer and company that would otherwise get longer due to manual processes.
In the second part, Coinweb will develop a dedicated Web3 service to produce a blockchain-based loyalty program for BMW customers in Thailand.
Collecting rewards for this program provides customers with special offers and services.
“We hope that once this project is fully launched, it can be used as a benchmark to prove that traditional companies can fully leverage blockchain technology and benefit immensely from it, without deviating from their core values and mission,” said Toby. Gilbert, CEO, Coinweb, commented on the deal.
This year, several prominent institutions in different parts of the world have seen a fandom for blockchain.
On December 14, Italy partnered with Algorand blockchain to support an upcoming digital guarantee platform to issue bank and insurance guarantees on blockchain, a digital ledger technology (DLT). With this, Italy will officially become the first member state of the European Union (EU) to combine blockchain with its financial and insurance systems in 2023.
Recently, the Algorand blockchain was also chosen by the government of Maharashtra in India to store and support health data as NFTs.
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