BMW Agrees to Integrate Blockchain With Operations, Partners With BNB Chain, Coinweb

Interested purchases of BMW in Thailand will have to apply for a vehicle financing requirement on a blockchain platform that will be designed by Coinweb.

Written by Radhika Parashar, Edited by Richa Sharma | Updated: 30 December 2022 15:50 IST

BMW Agrees to Integrate Blockchain With Operations, Partners With BNB Chain, Coinweb

Photo Credit: Reuters

BMW will soon get a blockchain-based rewards programme for its customers

Highlights

BMW may execute similar operational revamps in other markets
BMW’s blockchain move in Thailand has been divided in two parts
This year, several major organisations made shifts to blockchains

BMW is set to foray into the blockchain technology, aiming to make its financial infrastructure more permanent and transparent in terms of maintaining records. The German luxury car maker has partnered with Coinweb, a layer-2 cross-chain computation platform, to execute smart contracts. Binance's BNB Chain has been handpicked by BMW to be the foundation for the initiative because of its low cost and fast transaction speed offerings. BMW has chosen its Thailand operations to execute the first phase of its blockchain transition.

Interested purchases of BMW in Thailand will have to apply for a vehicle financing requirement on a platform that will be designed by Coinweb. This platform will essentially have buyers store their KYC details in an irreversible format and in accordance with the laws of Thailand, Coinweb said in an official announcement.

“We foresee this shift of manual paperwork towards immutable records on the blockchain to immensely contribute to infallible efficiency and transparency," said CEO Bjorn Antonsson of BMW Leasing, Thailand division.

Turkey Joins China, India in Kicking-Off CBDC Trials on Wider Scale: Details

The pilot of BMW's blockchain move has been divided in two parts. The first part will see work around creating a future plan for BMW to explore with cross-chain smart contracts. This would save time between customer and company that otherwise continues to get prolonged with manual processes.

The second part will see Coinweb developing a special Web3 service to produce a blockchain-based loyalty programme for Thailand's BMW customers.

Collecting rewards on this programme will earn customers special offers and services.

3Commas, Pig Butchering Scams: Crypto Crimes Continue to Be On Rise

Coinweb brings blockchain technology to BMW - Introducing their mass user base in Thailand to the cross-chain infrastructure.https://t.co/lrKKc9YeaG

Ecstatic to be ending 2022 with a:boom:
What will 2023 bring us? pic.twitter.com/Z666FHlEzS
— Coinweb.io (@CoinwebOfficial) December 29, 2022

“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,” said Toby Gilbert, CEO, Coinweb, commenting on the deal.

This year, several prominent institutions in several parts of the world have seen a fandom for blockchain.

On December 14, Italy partnered with Algorand blockchain to support an upcoming digital guarantees platform to issue bank and insurance guarantees on blockchain, which is a digital ledger technology (DLT). With this, Italy will officially become the first member nation of the European Union (EU) to mix blockchain with its financial and insurance systems in 2023.

Recently, the Algorand blockchain was also chosen by the Maharashtra government in India to store and support health data as NFTs.

Will crypto tax hurt the industry in India? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Cryptocurrency, BMW, Blockchain, BNB Chain, Coinweb

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More