BMW Thailand To Use Blockchain Technology For Daily Operations

Business

Luxury car maker BMW is set to use blockchain technology in Thailand for their daily operations. BMW Thailand has partnered blockchain company Coinweb to develop tools to automate the vehicle financing processes and loyalty program.

BMW Thailand will use Blockchain’s Distributed Ledger Technology (DLT) to bring a whole new experience to its customer base in Thailand.

Coinweb will be advising BMW Financial Services on cross-chain Smart Contract set-up and implementation as well as a cross-chain Customer Loyalty Programme.

The project is set to be executed in two phases. The first phase will see a feasibility assessment for cross-chain parallel-executing Smart Contracts with the aim to automate time-consuming manual processes and streamline operations for vehicle finance offered by BMW through BMW Leasing (Thailand) Co. Ltd.

The company said this may include a fully integrated Anti Money Laundering (AML) & Know Your Customer (KYC) tool based on Thailand NDID that will mitigate pain points associated with vehicle finance applications.

The second phase will see Coinweb build a customized SaaS Web3 application for a Customer Loyalty Program, with transactions broadcast to multiple blockchains, with Binance’s BNB chain being chosen as the anchor chain due to performance suitability in regards to cost, speed, and capacity.

The loyalty program incentivises BMW Group customers with a blockchain-based rewards program. Owners will be able to redeem the rewards for products and services both with BMW and in the future within a connected ecosystem. The blockchain-based rewards system will be rolled out in 2023.

This will see a shift of manual paperwork towards immutable records on the blockchain to immensely contribute to infallible efficiency and transparency.

BMW Group is not new to blockchain technology. It co-founded the Mobility Open Blockchain Initiative (MOBI) in 2018. It is an industry-wide solution to enable all partners participating to link their business processes more closely and coordinate between companies.

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