BMW to employ Binance Chain for a Blockchain loyalty program

Sahana Kiran
Source – Unsplash

Throughout 2022, the crypto market saw the entry of several major firms. Major car manufacturers were seen scouring the NFT space. However, BMW is now all set to include blockchain technology in its system. The German car manufacturer is planning to employ the BNB chain along with blockchain infrastructure firm Coinweb.

BMW intends to use blockchain technology for its everyday operations. In addition to this, the car manufacturer is working on creating a blockchain loyalty program, particularly for its Thailand-based customers.

This isn’t the first time that the car manufacturer was employing blockchain tech. Back in 2018, BMW used blockchain tech to monitor its cobalt supply.

BNB chain will be used for settling transactions while Coinweb will focus on providing a decentralized architecture. BMW will use blockchain technology in its processes in two stages. The decentralized technology will first be included in BMW’s regular business operations with the aim of negating laborious manual procedures and expediting the firm’s financing services.

Furthermore, Coinweb will play a vital role in the second phase of the project. The firm will create a customized Web3 application solely for BMW’s customer loyalty program.

Who can avail BMW’s loyalty rewards?

User loyalty points earned through various behaviors will define their 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.

Coinweb CEO Toby Gilbert, spoke about the same and said,

“Customers will be rewarded with loyalty points and they will be able to spend within the ecosystem. Our hope is that there will be a future global rollout but currently our partnership is for Thailand.”