BMW Embraces Blockchain for Daily Operations
- Coinweb will provide a decentralized infrastructure, while the BNB Chain will be used to settle transactions.
- Alfa Romeo, an Italian automaker, previously used blockchain technology to track vehicle records, while Mercedes used cryptocurrencies and NFTs as marketing tools.
- BMW hopes using blockchain technology for its daily operations will reduce the need for manual labor and increase its efficiency.
Popular car manufacturing company BMW has moved to adopt blockchain technology into its operations and has struck a partnership with blockchain companies Coinweb and BNB Chain. The German company also plans to create a loyalty program for its customers in Thailand.
According to reports, Coinweb will provide a decentralized architecture, while BNB Chain will be used to settle transactions. BMW will incorporate blockchain into its operations in two stages. The first stage will involve the integration of the decentralized technology into BMW’s regular business operations, with the aim of automating tedious manual processes and improving the company’s current car financing services.
Coinweb, during the second phase, would develop a tailored Web3 application for BMW’s customer loyalty program, which will use blockchain technology to reward the company’s customers. Recipients of the loyalty program will be able to use their rewards to purchase goods from BMW and connected ecosystems.
Toby Gilbert, CEO of Coinweb, noted that the loyalty program will encourage customer participation in BMW since they’ll receive rewards each time they use any of the company’s services, either to service or purchase cars. He said,
Customers will be rewarded with loyalty points and they will be able to spend within the ecosystem. Our hope is that there will be a future global rollout but currently our partnership is for Thailand.
Blockchain technology has captured the attention of different industries and organizations over the last few years. BMW Thailand’s leasing head, Bjorn Antonsson, confirmed that the company has closely monitored the budding blockchain sector over the past few years, seeking ways to integrate it. Bjorn believes that incorporating blockchain into the automobile industry would reduce the labor-intensive nature of the job and increase the company’s efficiency.
This would not be the first time the automobile giant has leveraged blockchain technology to improve its operations. BMW previously used blockchain technology to monitor its cobalt supply and ensure that its products were sourced ethically. Other car manufacturing companies, such as Mercedes, have also leveraged blockchain to improve their services. The German automobile brand once used crypto coins and nonfungible tokens (NFTs) as marketing tools.