BMW integrates blockchain into operations; BNB chain partner, Coinweb

BMW will move into blockchain technology to make its financial infrastructure more durable and transparent in terms of record keeping. The German luxury carmaker has partnered with Coinweb, a layer 2 cross-chain computing platform, to run smart contracts. Binance’s BNB chain was chosen by BMW as the basis for the initiative due to its low cost and fast transaction speed. BMW has chosen its branches in Thailand to carry out the first phase of its blockchain transition.

Interested purchases from bmw in Thailand must apply for a vehicle finance request on a platform being designed by Coinweb. It is on this platform that buyers will essentially save theirs KYC details in an irreversible format and in accordance with the laws of Thailand, Coinweb said in a statement official announcement.

“We’re seeing this shift from manual paperwork to immutable records on the Blockchain contribute enormously to unfailing efficiency and transparency,” said CEO Bjorn Antonsson of BMW Leasing, Thailand.

BMW’s blockchain move pilot has been split into two parts. The first part will be about creating a future plan for BMW to explore with cross-chain smart contracts. This would save time between customer and company, which otherwise becomes longer and longer due to manual processes.

In the second part, Coinweb will develop a special Web3 Service to create a blockchain-based loyalty program for Thai BMW customers.

By earning rewards in this program, customers receive special offers and services.

“We hope that once fully launched, this project can serve as a benchmark to prove that traditional businesses can take full advantage of blockchain technology and benefit tremendously from it without deviating from their core values ​​and mission,” said Toby Gilbert, CEO, Coinweb, comments on the deal.

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

December 14, Italy partner with Algorand Blockchain to support an upcoming digital guarantee platform to issue bank and insurance guarantees on Blockchain, a digital ledger technology (DLT). This will officially make Italy 2023 the first European Union (EU) member country to mix blockchain with its financial and insurance systems.

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