BMW plans to use blockchain technology in its everyday operations and loyalty programs.
Coinweb, the contractor, will use various blockchains, with the BNB chain serving as the anchor chain.
Coinweb will develop a customized Web3 application for BMW's customer loyalty program.
Experts predict that more industries will implement the technology in 2023.
Such as blockchain, metaverse, and NFTs into their daily operations. In line with this, the German automaker BMW is also planning to incorporate blockchain technology into its system.
On December 29, the German automaker announced a collaboration with BNB Chain, the blockchain arm of Binance, and Coinweb, a blockchain infrastructure platform. Through this collaboration, BMW is looking for financing, contract set-up, contract implementation, and management of its cross-chain loyalty program.
The two-phase project execution plan will see Coinweb and BNB chain provide unrestricted access to blockchain's decentralized ledger technology to its automotive partner (BMW). As per the official announcement, BMW plans to launch a blockchain-based loyalty program for its Thailand-based customers through the integration of web3 into its system
Coinweb, a private company that offers blockchain technology, will develop a customized Web3 application for BMW's customer loyalty program. To reward BMW Group customers, the program will employ a blockchain-based rewards mechanism.
Regarding how customers will be rewarded under the upcoming loyalty program, Coinweb CEO Toby Gilbert told media outlets that customers will be rewarded every time they have a touchpoint with the BMW ecosystem, “whether it's buying a new car or going for a servicing,” he added:
“Customers will receive loyalty points and will be able to spend them inside the ecosystem. Our hope is that there will be a global rollout in the future, but for the time being, our partnership is limited to Thailand.”
Gilbert expressed the company's delight in piloting such an effort with a brand like BMW in a statement. Experts believe that a successful development process would serve as a model for other traditional firms to realize the possibilities and prospects of blockchain technology.
This year, automobile manufacturers such as Mercedes, Ferrari, Lamborghini, and others are engaging in emerging technologies like NFTs and Metaverse.
On December 20, another German automaker, Mercedes-Benz, revealed plans to explore blockchain technology for its loyalty programs, logistics management, and use of NFT as promotional tools. Italian luxury sports carmaker, Ferrari, also announced plans for venturing into the NFT market in February 2022.
This indicated that these technologies are attracting not only financial institutions but also automakers on a large scale. Experts believe that if this trend continues in the coming year, 2023 will be recognized as the year of blockchain technology.
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