BMW Adopts Smart Contract Tech

BMW will use technology from both BNB Chain and Coinweb to facilitate a cross-chain Customer Loyalty Program in Thailand. BMW will execute the integration in two phases and will seek to modernize the automaker with blockchain’s efficiency.

The first phase will automate time-consuming processes and also streamline vehicle finance operations, as confirmed in the December 29 press release. The second phase has Coinweb building a Web3 application for customers that will be multichain but anchored on BNB Chain. The cheap fees and fast transaction speeds are cited as reasons for using BNB Chain.

"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," CEO Bjorn Antonsson of BMW Leasing (Thailand) Co,.Ltd, said in the release. "For our long-time customers here in Thailand, we look forward to continually cultivating their loyalty while rewarding them at the same time through the blockchain-based rewards system delivering real value to be rolled out in 2023."

BMW will use Coinweb to bring car own new ways to access rewards to purchase goods and services. The technology will open a new customer economic ecosystem that could only be achieved with blockchain technology.

"It is an honour to be piloting such an exciting project with BMW, Coinweb's first collaboration with such a prestigious household brand,” said Coinweb CEO Toby Gilbert. “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."

What is BNB Chain:

Previously known as the Binance Smart Chain (BSC), BNB Chain is a community-driven, decentralized, and censorship-resistant blockchain that is powered by Binance. It consists of BNB Beacon Chain and BNB Smart Chain, EVM compatible and facilitating a multi-chain ecosystem. Through the concept of MetaFI, BNB Chain aims to build the infrastructure to power the world’s parallel virtual ecosystem.

Find more about BNB Chain here:

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