BMW, a German automaker, intends to incorporate blockchain technology into its everyday operations and develop a blockchain loyalty program for Thai consumers.
The well-known automaker has partnered with BNB Chain to settle transactions and Coin web, a blockchain technology supplier, to deliver its decentralised architecture.
Two stages will be used to incorporate blockchain technology into BMW’s operations. To begin with, the decentralised technology will be incorporated into BMW’s everyday functions to automate labour-intensive manual procedures and optimise the business’s vehicle finance services.
For BMW’s customer loyalty program, Coin web would create a tailored Web3 application as part of the project’s second phase. Customers of the BMW Group will be rewarded through the initiative using a blockchain-based system.
Customers’ tier and status within the ecosystem will be established based on the loyalty awards they have earned via different acts.
Owners will eventually be able to use their awards to buy products and services from both BMW and a connected environment. Transactions will be settled via the BNB chain, which is local to Binance.
Toby Gilbert, CEO of Coin web, told Cointelegraph that consumers would be rewarded every time they have touchpoints with the BMW ecosystem, be it “purchasing a new car or they go for a servicing,” in an interview about the future loyalty program. He continued:
“Loyalty points will be given to customers, who may use them to purchase inside the ecosystem. We anticipate a future worldwide rollout; however, for the time being, our cooperation is with Thailand.”
Bjorn Antonsson, the leasing manager for BMW Thailand, stated that the company has been keeping a close eye on the development of decentralised technology and the numerous applications it has found over the years.
Antonsson thought incorporating blockchain technology into their everyday operations would do away with manual paperwork and improve the organisation’s efficiency and transparency.
Automobile manufacturers’ interest in decentralised technology is nothing new, and BMW has been working with the technology since 2018. In the beginning, BMW tracked its cobalt supply with blockchain technology to ensure its products were ethically sourced.
Mercedes has aggressively employed nonfungible tokens and cryptocurrency coins as marketing tools alongside BMW, which is another well-known German automaker.
Alfa Romeo, an Italian automaker, utilised blockchain technology to keep track of vehicle history, and Ferrari’s new agreement also references NFT integration.
Web3 And BMW
BMW’s 2018 usage of blockchain technology to monitor its cobalt supply was another essential step for the firm towards Web3. To access the metaverse and the realm of nonfungible tokens, BMW submitted a trademark registration for its logo last month (NFTs).
Web3 And Automakers
Even though numerous automakers have dabbled in Web3, most of them have stuck to providing an occasional supply of nonfungible tokens.
The strategy employed by Lamborghini was more intriguing: the GT Racing Team team revealed in July that it had teamed up with Go2NFT and the blockchain platform Skey Network to provide an NFT certification for racing car parts.
Porsche revealed its first collection of nonfungible tokens and developed a brand experience in the metaverse during Art Basel Miami (NFT).