{"id":169143,"date":"2023-01-04T15:28:21","date_gmt":"2023-01-04T15:28:21","guid":{"rendered":"https:\/\/precoinnews.com\/?p=169143"},"modified":"2023-01-04T15:28:21","modified_gmt":"2023-01-04T15:28:21","slug":"bmw-thailand-to-use-blockchain-technology-for-daily-operations","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/bmw-thailand-to-use-blockchain-technology-for-daily-operations\/","title":{"rendered":"BMW Thailand To Use Blockchain Technology For Daily Operations"},"content":{"rendered":"
Luxury car maker BMW is set to use blockchain technology<\/span> in Thailand for their daily operations. BMW Thailand has partnered blockchain company Coinweb to develop tools to automate the vehicle financing processes and loyalty program.<\/p>\n BMW Thailand will use Blockchain’s Distributed Ledger Technology (DLT) to bring a whole new experience to its customer base in Thailand.<\/p>\n Coinweb will be advising BMW Financial Services on cross-chain Smart Contract set-up and implementation as well as a cross-chain Customer Loyalty Programme.<\/p>\n The project is set to be executed in two phases. The first phase will see a feasibility assessment for cross-chain parallel-executing Smart Contracts with the aim to automate time-consuming manual processes and streamline operations for vehicle finance offered by BMW through BMW Leasing (Thailand) Co. Ltd.<\/p>\n The company said this may include a fully integrated Anti Money Laundering (AML) & Know Your Customer (KYC) tool based on Thailand NDID that will mitigate pain points associated with vehicle finance applications.<\/p>\n The second phase will see Coinweb build a customized SaaS Web3 application for a Customer Loyalty Program, with transactions broadcast to multiple blockchains, with Binance’s BNB chain being chosen as the anchor chain due to performance suitability in regards to cost, speed, and capacity.<\/p>\n The loyalty program incentivises BMW Group customers with a blockchain-based rewards program. Owners will be able to redeem the rewards for products and services both with BMW and in the future within a connected ecosystem. The blockchain-based rewards system will be rolled out in 2023.<\/p>\n This will see a shift of manual paperwork towards immutable records on the blockchain to immensely contribute to infallible efficiency and transparency.<\/p>\n BMW Group is not new to blockchain technology. It co-founded the Mobility Open Blockchain Initiative (MOBI) in 2018. It is an industry-wide solution to enable all partners participating to link their business<\/span> processes more closely and coordinate between companies. <\/p>\n