BMW Financial Services will be working with Coinweb to create a cross-chain Smart Contract and Customer Loyalty Program. Project implementation will occur in two stages.
In order to improve BMW’s automobile financing services and automate time-consuming manual procedures, the company is launching a pilot program to test the viability of cross-chain, parallel-executing Smart Contracts. A fully integrated Anti-Money-Laundering (AML) and Know-Your-Customer (KYC) tool based on Thailand NDID may be one solution.
In the next stage of the project, Coinweb will create a bespoke SaaS Web3 application for a Customer Loyalty Programme, rewarding BMW Group customers through a blockchain-based rewards system.
Earning loyalty points via participation in the ecosystem’s varied activities will lead to advancement through the ranks. Customers may use their points to purchase goods and services from BMW and, in the future, from other companies in a linked ecosystem.
Binance’s BNB chain was selected as the anchor chain because of its cost-effectiveness, speed, and scalability, making it the primary blockchain on which transactions would be broadcast.
CEO Bjorn Antonsson of BMW Leasing (Thailand) Co., Ltd. believes that moving away from paper documents and toward immutable records on the blockchain would greatly improve the company’s efficiency and transparency. He adds that working with Coinweb’s stellar staff has them looking forward to the many benefits that will accrue from integrating DLT into their system.
When the blockchain-based rewards system that really provides value is finally implemented in 2023, they plan on working hard to earn and keep the support of their long-term clients in Thailand while rewarding them at the same time.
When asked about working with BMW, Toby Gilbert, CEO of Coinweb, said,
It is an honor to be piloting such an innovative initiative with BMW.
When this project is completed, he expects it to serve as an example of how conventional firms can reap substantial benefits from blockchain technology without compromising their fundamental principles.