One of the world’s largest car manufacturers and a household name, BMW, has announced plans to launch a blockchain-based reward program in South Korea.
The country will be the first to see the new platform before a potential global rollout.
BMW Korea Goes Blockchain
BMW is arguably one of the most popular car manufacturing brands. According to its latest investor presentation, published in October 2020, they’ve delivered almost 650,000 vehicles in Europe, down 19.7% because of the coronavirus pandemic. In mainland China, however, the company charted an increase of 6.4%, bringing the total unit of delivered vehicles to almost 560,000.
In any case, BMW Korea has plans to venture into the field of blockchain through a new reward program called BMW Vantage, according to The Korea Herald.
Kore will reportedly be the first country to launch the new program before it gets rolled out on the global stage. The local office is also running a trial and hopes to have it launched this year.
According to BMW Korea, users of the blockchain-based reward program can get discounts on services provided by BMW and its partners, including vehicle maintenance. The company also said that high-tier membership users would also be able to receive invitations to cultural events hosted by BMW.
Additionally, the statement reads that first-time BMW buyers could receive up to 500,000 points, and those who purchase second-hand BMW vehicles can get additional points based on the car’s price. Somewhat expectedly, the new BMW 5 and 6 series will bring up to 900,000 points.
South Korea and Blockchain: An Interesting Relationship
South Korea is undoubtedly becoming one of the countries that take blockchain technology seriously.
As CryptoPotato reported, the country is working on the development of a payment system built on a distributed ledger that will help its elderly people handle contactless payments.
Moreover, South Korea also plans to create a local hemp regulatory-free trade zone and is looking to manage the hemp production using the nascent technology. In 2019, local lawmakers called for authorities to ease the stiff policies, stating that blockchain will be an essential element in the fourth industrial revolution.