BMW, a German automaker, intends to bring blockchain technology to Thai customers and businesses. Where BNB Chain is “being chosen as the anchor chain” and will settle transactions.
As the source of its decentralized architecture, BNW has integrated Coinweb, a layer-2 cross-chain computation platform. BMW Financial Services will follow assistance from Coinweb on how to set up and deploy cross-chain smart contracts as well as its customer loyalty program.
Two phases are planned for the project’s execution. A feasibility analysis for cross-chain Smart Contracts that execute in parallel is the first step in the roll-out plan. Its goal is to eliminate time-consuming manual procedures and improve BMW’s automobile financing services workflow.
According to the report, a fully integrated Anti Money Laundering (AML) & KYC tool based on Thailand NDID may be included to lessen the difficulties in applying for vehicle financing.
In the second stage of the project, Coinweb will create a unique SaaS Web3 application for a customer loyalty program that would reward BMW Group consumers using a blockchain.
The BNB chain on Binance, which was selected as the anchor chain due to its performance suitability in terms of cost, speed, and capacity, will receive broadcasts of transactions to different blockchains.
CEO Bjorn Antonsson of BMW Leasing (Thailand) said:
For our long-time customers here in Thailand, we look forward to continually cultivating their loyalty while rewarding them at the same time through the blockchain-based rewards system delivering real value to be rolled out in 2023.
BNB Chain’s Growth In 2022
In terms of bringing the following billion users onto Web3 during the previous year, BNB Chain has made significant progress. It has more unique addresses than ETH and has surpassed 230 million, which makes it “the largest layer 1 blockchain in the world.”
The network offered a number of rapid developments that enabled quicker transactions, reduced prices, and more capacity following the 2022 tech roadmap, focused on multichain interoperability.
Furthermore, the BNB network intends to introduce the zkBNB mainnet in 2023 and to conduct developer meet-ups and hackathons for groups interested in using zkBNB. Additionally, it plans to introduce other tools to enhance user experience on its dApps.
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