BMW wants to make its financial infrastructure more permanent and transparent by using the Blockchain technology. The German luxury car maker has a partnership with a cross-chain computation platform, Coinweb to execute smart contracts. The Binance’s BNB Chain was chosen by BMW to be the foundation for the initiative because of its low cost and fast transaction speed offerings. The first phase of BMW’s Blockchain transition will be executed in Thailand.
A new vehicle financing requirement platform that will be designed by Coinweb that will allow to apply for interested purchases of BMW in Thailand. In accordance with the laws of Thailand, this platform will have buyers store their KYC details in an irreversible format.
Bjorn Antonsson, the CEO of the Leasing, Thailand division of BMW has said that “We foresee this shift of manual paperwork towards immutable records on the blockchain to immensely contribute to infallible efficiency and transparency”. The pilot project of BMW’s move has been divided into two parts.
In the first part, a future plan for BMW explore with cross-chain smart contracts. This would save time between the customer and company.
The second part will see the creation of a special Web3 service loyalty programme by Coinweb for Thailand’s BMW customers. Customers who collect rewards will get special offers and services. BMW introduces their mass user base in Thailand to the cross-chain infrastructure.
Toby Gilbert, CEO of Coinweb, said that they hope that once this project is fully launched, it can be used as a benchmark to prove that traditional businesses can benefit hugely from it, without deviating from their core values and mission. Many prominent institutions in several parts of the world have seen an interest in the technology.