BMW Partners with Coinweb to Utilise the BNB Chain for Blockchain Loyalty Program3-mins read

BMW is set to make two major strides toward decentralization. Firstly, the automotive giant is looking to streamline its internal procedures by implementing decentralized solutions to replace traditional paperwork. Moreover, the company intends to create a customer loyalty program with the help of decentralized infrastructure.

While BMW has used Blockchain technology in its logistical system in the past, the loyalty program is its first foray into Blockchain-based B2C.

According to the latest reports, the German automobile mogul has recently joined forces with BNB Chain, the blockchain arm of the world’s biggest crypto exchange platform Binance, and Coinweb, a blockchain infrastructure platform, to launch a blockchain-based loyalty program for its customers in Thailand as part of its web3 integration.

Several automotive manufacturers have begun to explore the potential of web3, a blockchain-based internet that aims to empower users, promote decentralization, and foster trustless communication. Most of these companies have only taken the initial step of releasing non-fungible tokens (NFTs), mostly storing evidences of ownership of their digital assets as JPEGs, artwork, or virtual avatars.

Lamborghini also took an innovative approach to the cryptocurrency-backed NFT market, recently entering into a partnership with Go2NFT and blockchain platform Skey Network to create a certification system for the race car parts of its GT Racing Team franchise. Earlier this year, Chevrolet also forayed into the realm of NFTs, although such resulted in zero bids and no physical replica being produced.

BMW has become the latest mainstream brand to embrace blockchain technology even if, in 2018, they used the technology to monitor their cobalt supply. With this recent initiative, they joined the likes of Starbucks and Lamborghini in launching loyalty programs based on blockchain.

As part of the initiative, BMW owners can access the rewards program to purchase goods and services from BMW and a linked ecosystem of partners. Transactions will be settled using the BNB chain. Coinweb will furnish the necessary framework to incorporate blockchain into its operations through a mobile application that patrons can use to partake in the program.

Speaking about the program, Toby Gilbert, Coinweb’s CEO, conveyed, “Customers will be granted loyalty points which they will be able to spend within the ecosystem. We anticipate a future worldwide rollout; however, for the time being, our availability will only be within Thailand.”