BMW, a German multinational corporation that manufactures luxury cars and motorcycles has joined other globally recognized automobile brands to integrate blockchain technology into its processes and customers’ reward program.
According to a report from Bloomberg, the German car manufacturer is set to integrate blockchain technology in two stages. Firstly, it aims to leverage the BNB Chain for its work operations to reduce the tediousness and delay that is associated with using a manual process and also streamline BMW’s automobile financing operations.
In the second stage, BMW aims to take advantage of Coinweb’s open-source decentralized protocol. The integration will see Coinweb building a SaaS Web3 application for BMW’s blockchain customer loyalty program. However, the blockchain loyalty program is currently for BMW’s Thailand customers.
BMW’s customers will be able to earn rewards from the loyalty program through a host of different activities. The reward given to a customer will be based on their position and status in the blockchain ecosystem and customers can redeem their rewards for BMW’s goods and services.
Toby Gibert, the CEO of Coinweb stated it is a privilege to work on the blockchain project with BMW. He added that the firm hopes the project will be used as a model to demonstrate that traditional businesses can fully leverage blockchain technology and reap significant benefits while remaining true to their core values and mission.
Car Manufacturers Leveraging Blockchain Technology
It is worth noting that this is not the first time BMW is using blockchain technology. The firm started using blockchain technology in 2018 when it announced a partnership with Circulor blockchain in the UK to use blockchain to source clean cobalt for its automobile products.
Mercedes-Benz has also embraced Web3 by filing five trademarks for Mercedes-Benz, Mercedes, S-Class, G-Class, and Maybach. Licensed trademark attorney, Mike Kondoudis stated on Twitter that Mercedes-Benz plans for NFTs, virtual clothing, and crypto trading amongst other Web3 services.
#MercedesBenz has filed trademark applications for:
▶️ Mercedes Benz
▶️ Mercedes
▶️ S-Class
▶️ G-Class
▶️ Maybachclaiming plans for:
✅NFTs
✅Virtual clothing + goods
✅Financial services
✅Cryptocurrency trading
…and much more!#NFT #Metaverse #Crypto #Finance #Web3 pic.twitter.com/UCp8mJ7yxH— Mike Kondoudis (@KondoudisLaw) December 19, 2022
The global automotive industry has also keyed into the Metaverse. Projections according to a news article revealed that the global automotive metaverse industry will have a Compound Annual Growth Rate (CAGR) of 31.4% by 2030.
Key players in the metaverse automotive industry include; WayRay in Switzerland and Meta Platforms Inc in the United States amongst others. Their main task is to develop products and offer services specifically for the automobile metaverse.
