BMW decides to incorporate blockchain technology for a loyalty program

Of late, it has been observed that many prime manufacturing companies were beginning to lean towards the overall NFT arena. Now, it is the turn of the absolute top-of-the-line car manufacturing company based in Germany, BMW. The company has finally decided to go in for the incorporation of blockchain technology into its existing organizational structure. Therefore, its aim and intention are to actively engage with the BNB chain, together with Coinweb, which happens to be a blockchain infrastructure company. As a part of its ongoing plans, this incorporation of blockchain technology will be effectively utilized in day-to-day functions. Along with all of this, BMW is in the process of building, especially for its Thailand-based customers, a blockchain loyalty program.

Incidentally, incorporating blockchain technology is not exactly some alien factor for BMW. Sometime in 2018, it also utilized blockchain technology to control and supervise its cobalt supply. In the present scenario, however, the car manufacturer’s plans and vision are to utilize the BNB chain for the settlement of transactions. In the case of Coinweb, it will be in the area of offering a decentralized framework.

The utilization of blockchain technology will be spaced out over two separate phases. In the starting process, decentralized technology will play an active part in its ongoing business functions. This will be done with the sole aim of doing away with all of the strenuous manual-based processes. Along with that, it will also play a role in the quickening of the financial services of the company. In the case of Coinweb however, the utilization procedure will be carried out in the second phase of the project. In this case, the company has plans to build a customized Web3 application entirely and in terms of the company’s customer loyalty program. 

According to Toby Gilbert, who happens to be the CEO of Coinweb, all of the connected customers will be in the position of receiving rewards, which will contain loyalty points. Customers can then spend them within the confines of the ecosystem. At the present moment, this happens to be targeted toward their customers based in Thailand. In the case of the loyalty points that the customers earn will determine their tier and stature. 

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As part of the future plans, the owners will find themselves in the position of utilizing their awards for the process of purchasing all kinds of desired products and services from BMW itself, together with that of a connected environment. In the case of all transactions being carried out, they will be duly settled by the BNB chain.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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