HONG KONG, CHINA / ACCESSWIRE / December 29, 2022 / Hong Kong - Coinweb and BMW have embarked on a partnership to introduce blockchain technology to the latter's workflow and customers in Thailand. 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. The project is set to be executed in 2 phases;
The first roll-out plan is 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. 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.
The second phase of the project sees Coinweb build a customized SaaS Web3 application for a Customer Loyalty Programme, incentivising BMW Group customers with a blockchain-based rewards programme. Loyalty rewards are earned through various activities, and the rewards accumulation will determine an individual's tier and rank in the ecosystem. Owners will be able to redeem the rewards for products and services both with BMW and in the future within a connected ecosystem. Transactions will be 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.
"We are very excited to be working with such a great team at Coinweb, and anticipate all the positive outcomes of embracing DLT into our ecosystem. We foresee this shift of manual paperwork towards immutable records on the blockchain to immensely contribute to infallible efficiency and transparency," said CEO Bjorn Antonsson of BMW Leasing (Thailand) Co,.Ltd. "For our long-time customers here in Thailand, we look forward to continually cultivating their loyalty while rewarding them at the same time through the blockchain-based rewards system delivering real value to be rolled out in 2023."
For Coinweb's CEO, Toby Gilbert, "It is an honour to be piloting such an exciting project with BMW, Coinweb's first collaboration with such a prestigious household brand. We hope that once this project is fully launched, it can be used as a benchmark to prove that traditional businesses can fully leverage blockchain technology and benefit hugely from it, without deviating from their core values and mission."
About Coinweb: Coinweb.io is a layer-2 cross-chain computation platform that began its journey in mid-2017. With an impressive line-up of team members and a board of advisors from the worlds of traditional technology, business and blockchain, Coinweb believes they are solving some of the most critical problems that exist within Distributed Ledger Technology today.
About Bayerische Motoren Werke AG: With 106 years of history, BMW has continued to prove itself to be one of the world's leading car manufacturers of all time. With office locations worldwide, BMW Leasing (Thailand) Co.,Ltd. serves as an extended arm of its headquarter to better provide its products and services to the local Thai market.
Company Name: Coinweb
Contact Person: Ain Mohd
Mail: [email protected]
City and country: Hong Kong