BMW Is Planning to Use Binance Chain For Blockchain-based Loyalty Program

In 2023, many big companies entered the cryptocurrency market, and several major car manufacturers explored the world of non-fungible tokens (NFTs). BMW has announced plans to adopt blockchain technology in its operations and is partnering with the BNB chain and Coinweb, a blockchain infrastructure company. The German carmaker is also developing a blockchain-based loyalty program for its customers in Thailand.

Binance announced yesterday that BMW is integrating blockchain technology into its operations in Thailand and is creating a blockchain-based loyalty program for its customers there. The integration will take place in two phases: first, the decentralized technology will be incorporated into BMW’s daily operations to automate manual processes and streamline automobile financing services. 

The second phase will involve Coinweb developing a Web3 application for BMW’s loyalty program, which will use a blockchain-based rewards system to incentivize customers. The rewards can be used to purchase goods and services from BMW and other partners in the ecosystem, and transactions will be settled using Binance’s BNB chain. 

BMW executives speak out about the partnership

According to Coinweb CEO Toby Gilbert, BMW customers will be rewarded for their interactions with the company’s ecosystem, such as purchasing a car or receiving service. Gilbert stated that these rewards will be given through the upcoming loyalty program.

“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.”

Source: https://cointelegraph.com/news/bmw-taps-coinweb-and-bnb-chain-for-blockchain-loyalty-program

Bjorn Antonsson, the leasing head of BMW Thailand, has noted that the company has been closely following the development and various use cases of decentralized technology for some time. Antonsson believes that the integration of blockchain technology into the company’s daily operations will help eliminate manual paperwork and improve efficiency and transparency.

The use of decentralized technology by automobile manufacturers, including BMW, Mercedes, Alfa Romeo, and Ferrari, is not a new concept. BMW has been using blockchain technology since 2018 to track its cobalt supply and ensure ethical practices in its supply chain. 

Other carmakers have also utilized non-fungible tokens and cryptocurrency for promotional purposes or to track car records.

It will be interesting to see how car manufacturers around the world will use the mainstream adoption of cryptocurrencies to their advantage, and how beneficial that will really be for their customers.