Luxury car maker BMW partners with Coinweb Decentralized A blockchain Layer 2 based company that implements blockchain based tools into their operations. The company will develop a blockchain-based vehicle financing process automation and rewards program for auto company customers adapted to Thai compliance processes.
BMW Adopts Blockchain in Operations
Companies adopting blockchain processes as part of their operations due to the ostensible reliability of the technology and the ability to reduce costs is increasing. On December 29, German automaker BMW announced a partnership with his Coinweb, a Layer 2 (L2) blockchain interoperability protocol, to bring blockchain-based processes to introduced into operation.
This alliance is considering two different tasks. The first is the development of a smart contract platform aimed at streamlining the various processes that need to be completed to finance BMW branded vehicles. According to a press release, this includes implementing a “fully integrated Anti-Money Laundering (AML) & Know Your Customer (KYC) tool” that is compliant with local Thai law.
The second task is to create a blockchain-based loyalty program to offer products and services to the brand’s customers and assign a rank to each customer directly related to reward accumulation. .
Coinweb says he will use Binance’s Bnb chain as the anchor chain for these transactions due to its performance-to-cost ratio. However, transactions can also be broadcast to other blockchains if desired.
Advantages of distributed ledger technology
Bjorn Antonsson, his CEO at his BMW Lease in Thailand, said the advantages of moving part of the process to a distributed technology platform explained. He said:
We will see the shift from manual paperwork to immutable records on the blockchain, greatly increasing efficiency and transparency without error. expected to contribute.
BMW’s deal is likely due to blockchain-based technology’s decline in the cryptocurrency market, partly due to the collapse of FTX, one of the world’s largest cryptocurrency exchanges. Done while under the influence. As Nobel laureate Paul Krugman stated on December 1, Tradelens, a global trading platform backed by Maersk, and blockchain-based engines Several important non-cryptographic blockchain-based projects were in development for the Australian Stock Exchange but were recently canceled.
Nonetheless, Coinweb is positive about the consequences of this partnership on perceptions of how useful blockchain technology can be. Coinweb CEO Toby Gilbert declared:
Once this project is fully launched, traditional businesses will be able to take full advantage of blockchain technology and from there We hope that we can use it as a benchmark to prove that we can make big gains without deviating. From their core values and mission.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Yuri Kabantsev / Shutterstock.com
