BMW and Coinweb teamed up to integrate blockchain-based solutions
BMW and Coinweb teamed up to integrate blockchain-based solutions into business operations and to execute smart contracts. The company will create a rewards program for consumers of the automobile company that is tailored to Thai regulatory procedures.
Due to low cost and fast transaction speed offerings, Coinweb which is a decentralized layer 2 blockchain startup selected to use Binance's Bnb Chain as the foundation chain for these transactions' initiative. If necessary, the transactions might be broadcast to additional blockchains. In the first phase of its blockchain transition, high-end German automaker BMW has chosen its Thailand operations.
Those interested in purchasing a BMW in Thailand will need to apply for a vehicle finance requirement on a platform established by Coinweb. According to Coinweb's official statement, this platform would effectively require buyers to save their KYC credentials in an irreversible format and in conformity with Thai legislation. In order to maintain records, BMW intends to make its financial infrastructure more permanent and transparent.
This pilot of BMW's blockchain partnership move has been divided into two distinct tasks. The first step entails around creating a future plan for developing a platform for smart contracts. This aims of reducing the time and various procedures required for financing vehicles bearing the BMW brand between customers and the company. This would lead to the use of a "fully integrated Anti Money Laundering (AML) & Know Your Customer (KYC) technology" modified to Thailand's local legislation.
The second part involves developing a special Web3 service to produce a blockchain-based loyalty program to reward Thailand's BMW brand customers with goods and services while giving each customer a rating directly connected to how many awards they have accrued. Customers will earn special offers and services by collecting rewards on this program.
BMW Leasing's CEO for Thailand outlined the advantages of moving some of the company's operations to decentralized tech platforms. There have been a number of blockchain-based projects that have recently been canceled, including Tradelens, a Maersk-backed global trading platform, and the blockchain-based engine being developed for the Australian Stock Exchange.
Other countries working on blockchain
Italy collaborated with Algorand blockchain recently to support a future digital guarantees platform to offer bank and insurance guarantees using blockchain, a digital ledger technology (DLT). With this, Italy will become the first European Union (EU) member country to integrate blockchain into its banking and insurance systems in 2023.
Recently, the Maharashtra government in India picked the Algorand blockchain to store and maintain health data as NFTs.
CBW - External Analyst