BMW to use blockchain technology for its loyalty program
BMW plans to use blockchain technology into its everyday business practises and develop a blockchain loyalty program for its Thai consumers. The German automaker has chosen BNB Chain for transaction settlement and Coinweb as its decentralised framework provider.
BMW will implement blockchain technology into its processes in two stages. The decentralised technology will first be included into BMW’s regular business operations with the aim of automating tedious manual processes and expediting the firm’s vehicle financing services.
Coinweb would create a specific Web3 application for BMW’s customer loyalty programme during the project’s second phase. The initiative will reward BMW Group customers via a blockchain-based rewards system. The loyalty rewards a consumer has earned through various behaviours will determine their ecosystem tier and position.
In the future, owners will be able to use their awards to buy products and services from BMW as well as from a connected environment. Transactions will be settled via the BNB chain, which is native to Binance.
The development of decentralised technology and its numerous use cases has been actively monitored by the company over the years, according to Bjorn Antonsson, leasing head at BMW Thailand. Antonsson thought that by incorporating blockchain technology into daily operations, the manual paperwork would be eliminated and the company’s efficiency and transparency would increase.
Automakers have long been interested in decentralised technology, and BMW has been working with the technology since 2018. BMW was the first to apply blockchain technology to monitor its cobalt supply and make sure that its products were sourced ethically.