BMW Inks Partnership With Web3 Outfits Coinweb and BNB Chain

The German multinational manufacturer of passenger motor vehicles, Bayerische Motoren Werke AG (BMW) has caught the metaverse fever as it has joined a growing list of automakers who are either issuing or exploring the Non-fungible Tokens (NFTs) space.

Interestingly BMW has joined forces with Coinweb, a cross-chain computation platform, and Build N Build (BNB) chain to adopt blockchain technology into its system. Furthermore, the automaker is intensifying efforts to create a blockchain loyalty program mainly for its customers based in Thailand.

However, BMW will utilize distributed ledger technology (DLT) in two different phases. The first phase will see BMW’s customers make use of blockchain technology for their day-to-day business operations and transactions. The aim of the first phase is to computerize the time-consuming manual process as well as monitor the financial operations of the vehicles offered by BMW. 

Also, the Thailand-based Anti Money Laundering (AML) and Know Your Customer (KYC) tools will be fully integrated to assist with the reduction in the severity of pain points associated with vehicle finance applications. 

The partnership will also see the BNB chain assist in settling transactions while Coinweb’s main focus will be to provide a decentralized plan. The blockchain infrastructure company will help in the second phase with the creation of a customized Web 3.0 application which will be used majorly for the loyalty program. 

The loyalty program has a lot of incentives it brings to customers. Effective immediately, users will now earn loyalty rewards while engaging in different activities. The accumulation of the rewards will determine the individual’s rank in the BNB ecosystem. In addition, the customers will be able to purchase products and services from the firm using their rewards earned via the Binance BNB chain.

Industries Mark Their Territories in the Metaverse

Although the current crypto winter and the collapse of the Terra/Luna ecosystem have induced concerns and heightened regulation for the space. The industry keeps expanding as several industries get on board finding their place in the ecosystem. 

Earlier in the year, leading American healthcare service provider CVS Health filed for a trademark application that covered prescription drugs, health, wellness, beauty, and personal care products.