German car manufacturer BMW will be rolling out blockchain technology for its day-to-day operations and loyalty programs, with the initial roll of the product to customers in Thailand. Coinweb, the contractor, will utilize multiple blockchains, with the BNB chain as the anchor chain. BMW will integrate decentralized tech in two phases – first, in its daily operations to eliminate complex paperwork, and the second phase will see the development of a customer loyalty program.
First, the blockchain technology will be integrated into BMW’s daily operations with the goal of automating time-consuming manual processes and streamlining the company’s automobile financing services.
The second phase of the project would see Coinweb develop a customized Web3 application for BMW’s customer loyalty program. The program will use a blockchain-based rewards scheme to incentivize BMW Group customers. A customer’s tier and status in the ecosystem will be determined by the loyalty rewards they have acquired via various actions.
Owners will be able to use their rewards to purchase goods and services from BMW as well as from a linked ecosystem in the future. Binance’s native BNB chain will be used to settle transactions.
Coinweb CEO Toby Gilbert, told Cointelegraph that customers will be rewarded every time they have touchpoints with the BMW ecosystem, be it “buying a new car or they go for a service,” he explained, adding:
“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.”
Multiple automotive companies have established themselves in the Web3. Tesla takes a front seat regarding Web3 adoption, with some enthusiasts taking a step further to use the vehicles in mining cryptocurrency. TESLA has also made multiple promotions for the Doge meme token.
Mercedes Benz has used DLT in key markets in China and for consistent documentation in its supply chain with assistance from Icerctis and PLatON blockchain companies. The company also used the system to store car life cycle data, which is crucial to car buyers.
It was in April 2022 when Jeff Wyler Automotive Family accepted Ethereum in the first car sale using cryptocurrency. The trade involved a Mercedes-Benz S580 2021 model sold to a Saudi Arabian.
In the virtual realm, automotive companies have also made significant investments. For instance, Mercedes has occasionally used NFTs and cryptocurrency to promote their products. Italian Alfa Romeo is also using DLT to track car records. While Ferrari has also hinted at adopting NFTs.