Coinweb, a layer-2 cross-chain computation platform, announced on December 29 that it has entered into a partnership with BMW to integrate blockchain technology into the automaker’s infrastructure in order to improve the efficiency of financial transactions.
Coinweb stated that the primary goal of this partnership is to provide a completely new experience for BMW’s customers in Thailand. To achieve this, the two companies plan to implement two different roadmaps in 2023.
The first phase of the partnership will involve the creation of a roadmap to assess the use of cross-chain parallel-executing smart contracts to automate manual processes that are time-consuming and resource-intensive for the company.
Coinweb plans to implement a fully integrated Anti Money Laundering (AML) and Know Your Customer (KYC) tool based on Thailand’s NDID system to streamline the process of applying for vehicle financing and reduce the associated pain points.
In the second phase of the partnership, Coinweb will create a Software as a Service (SaaS) Web3 application to develop a blockchain-based loyalty program for BMW Group customers in Thailand. Binance’s BNB Chain will serve as the foundation for the program due to its high performance, low cost, and fast transaction speeds.
Customers will be able to earn rewards through a variety of activities, depending on their level and rank. They can later redeem their rewards for various products and services.
Bjorn Antonsson, CEO of BMW Thailand, said they were grateful to work with Coinweb to improve the company’s efficiency and transparency by integrating Distributed Ledger Technology (DLT) into their ecosystem.
“We are very excited to be working with such a great team at Coinweb, and anticipate all the positive outcomes of embracing DLT into our ecosystem. We foresee this shift of manual paperwork towards immutable records on the blockchain to immensely contribute to infallible efficiency and transparency,”
Antonsson also added that they expect to attract new customers through the blockchain-based reward program they will launch in 2023.
Toby Gilbert, CEO of Coinweb, said it was an honor to work with a prestigious automotive company like BMW and hopes that the project, once launched, will serve as a reference for other companies looking to leverage the benefits of blockchain technology while staying true to their values and missions.
“We hope that once this project is fully launched, it can be used as a benchmark to prove that traditional businesses can fully leverage blockchain technology and benefit hugely from it without deviating from their core values and mission.”
This is not the first time BMW has shown an interest in the cryptocurrency ecosystem. In late November, the automotive company filed trademark to enter the metaverse with the intention of launching a collection of non-fungible tokens (NFTs) for its customers.