BMW Partners With Coinweb to Develop Blockchain-Based Vehicle Financing Automation Program in Thailand

BMW the luxury car manufacturer has collaborated with Coinweb a decentralized blockchain layer 2-based company to introduce blockchain-based tools to its operations. 

BMW Partners With Coinweb to Develop Blockchain-Based Vehicle Financing Automation Program in Thailand

The company will develop blockchain-based automation for vehicle financing processes and also a rewards program for customers of the automotive company adapted to compliance processes in Thailand.

BMW the German car manufacturer express a partnership with Coinweb a layer 2 blockchain interoperability protocol to introduce blockchain-based processes to its operations.

This alliance contemplates two different tasks first includes the development of a smart contracts platform to stream different processes that need to be completed for the financing of BMW-branded vehicles. this would encompass the implementation of a fully integrated Anti Money Laundering (AML) and Know Your Customer (KYC) tool adapted to Thailand's local laws.

The second task is the creation of a blockchain-based loyalty program to reward customers of the brand with products and services assigning a rank to each customer directly related to their rewards accumulation.

Coin web express that it will use the Binance BNB chain as the anchor chain for these transactions due to its performance-to-cost ratio However the transaction could be broadcasted to another blockchain if needed.

Bjorn Antonsson CEO of BMW leasing in Thailand expresses the benefits of shifting part of its processes to decentralized tech platforms he stated: 

"We foresee this shift of manuual paperwork towards immutable records on the blockchain to immensely contribute to infalible efficiency and transparency"

BMW's deal comes when blockchain-based tech is being affected by the cryptocurrency market downtrend due in part to the downfall of FTX. as Nobel laureate Paul Krugman express on Dec 1, some significant non-crypto blockchain-based projects like Tradelens a Mersk backed global trading platform and the blockchain-based engine that was being developed for the Australian Stock exchange have been recently canceled.

Coinweb is positive about the result that this alliance could bring for the perception of how useful blockchain tech can be. Coinweb CEO Toby Gilbert express: 

"We hope that once this project is fully launched it can be used as a benchmark to prove that traditional business can fully leverage blockchain technology and benefit hugely from it, without deviating from their core and mission."

Related: Binance allow to buy crypto with Apple Pay and Google Pay