German Automobile Giant BMW Announces It Will Start Using This Altcoin Network!

Cryptocurrency market witnessed the entry of several large firms throughout 2022. NFT and major automakers altcoin observed to explore the area.

German Automobile Giant BMW Will Use BNB Altcoin Network

However, BMW is now preparing to incorporate blockchain technology into its system. German automaker in partnership with blockchain infrastructure firm Coinweb BNB plans to use the chain.

BMW aims to use blockchain technology for its daily operations. In addition, the automaker is working to create a blockchain loyalty program specifically for its Thailand-based customers.

This isn’t the first time BMW has used blockchain technology. BMW used blockchain technology to track its cobalt supply in 2018.

While the BNB chain is used to process transactions, Coinweb will focus on providing a decentralized architecture. BMW will use blockchain technology in its processes in two phases. The decentralized technology will first be incorporated into BMW’s regular business operations to eliminate cumbersome manual procedures and speed up the firm’s financing services.

Also, Coinweb will play a vital role in the second phase of the project. The firm will create a customized Web3 application exclusively for BMW’s customer loyalty program.

User loyalty points earned through various user behaviors will determine users’ ranks and positions. In the future, vehicle owners will be able to use their rewards to purchase products and services from BMW and a connected environment. Transactions will be carried out on the BNB chain.

Coinweb CEO Toby Gilbert said:

“Customers will be rewarded with loyalty points and be able to spend within the ecosystem. Our hope is a global application in the future, but right now our partnership applies to Thailand.”

It is not investment advice.