By Michael Scott
The German-based automobile producer BMW partners with Coinweb and BNB chain to integrate blockchain technology into the existing manufacturing processes. The high-tech integration will support BMW’s operation in Thailand, expediting the financial transaction and improving users’ experiences.
Partnership with Coinweb and BNB
A December 29 Tweet disclosed that Coinweb had agreed to partner with BMW to launch an excellent user base platform for the Thailand community. The remarkable move is expected to integrate blockchain technology into BMW’s operation in two phases next year.
The first phase will involve the automation of all manual processes through a cross-sectional chain linked to smart contracts. Such inventive upgrades on BMW’s financial record will improve the efficiency of its transactions.
Despite the integration, Coinweb will introduce distinctive features such as anti-money laundering (AML) and Know Your Customer (KYC) to Thailand’s NDID system. With the recent developments, customers will access a seamless platform that offers vehicle financing services.
The second phase aims at improving customer loyalty through a Web3 application equipped with a reward system. The BNB chain linked to the Binance ecosystem will be suitable due to its cost-effectiveness, security, and reliability.
BMW Eyes Thailand Customers
A report shared by the Thailand BMW CEO Bjorn Antonsson revealed that integrating Coinweb blockchain technology will improve performance and transparency by replacing manual paperwork with a decentralized ledger. Antonsson reiterated that the reward system centered on blockchain technology will attract more customers in 2023.
Chief executive of Coinweb, Toby Gilbert, indicated that the reward system would compensate customers according to monitored activity on the BMW platform. The redemption of the reward bonuses will be executed within the specified time. Gilbert is optimistic that partnering with BMW in Thailand will create more global opportunities for Coinweb.
Why BMW is a Crypto-Friendly Automobile Company?
BMW is an innovative firm with an unwavering commitment to crypto. In 2018 BMW invested in decentralized technology to monitor cobalt supply and comply with procurement requirements.
Also, BMW’s adoption of crypto assets has influenced the automaker to issue a trademark in pursuing the metaverse ecosystem and launching non-fungible tokens (NFTs).
Elsewhere, Mercedes and Alfa Romeo have pushed crypto adoption higher in the automobile industry.
The two automobile firms have implemented decentralized technology to market their products and keep track of car records. Ferrari has announced its plans to integrate non-fungible tokens (NFTs).
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