1 year ago
BMW, the luxury car manufacturer, has partnered with Coinweb, a decentralized blockchain furniture 2-based company, to present blockchain-based tools to its operations. The institution volition make blockchain-based automation for conveyance financing processes, and besides a rewards programme for customers of the automotive institution adapted to compliance processes successful Thailand.
BMW to Introduce Blockchain to Its Operations
More companies are introducing blockchain processes arsenic portion of their operations owed to the ostensible reliability of the tech and however it tin assistance prevention connected costs. On Dec. 29, BMW, the German car manufacturer, announced a concern with Coinweb, a furniture 2 (L2) blockchain interoperability protocol, to present blockchain-based processes to its operations.
This confederation contemplates 2 antithetic tasks. The archetypal includes the improvement of a astute contracts level with the nonsubjective of streamlining antithetic processes that request to beryllium completed for the financing of BMW-branded vehicles. According to a property release, this would encompass the implementation of a “fully integrated Anti Money Laundering (AML) & Know Your Customer (KYC) tool” adapted to Thailand’s section laws.
The 2nd task is the instauration of a blockchain-based loyalty programme to reward customers of the marque with products and services, assigning a fertile to each lawsuit straight related to their rewards accumulation.
Coinweb stated that it volition usage Binance’s Bnb Chain arsenic the anchor concatenation for these transactions owed to its performance-to-cost ratio. However, the transactions could beryllium broadcasted to different blockchains if needed.
Benefits of Decentralized Ledger Technology
Bjorn Antonsson, CEO of BMW Leasing successful Thailand, explained the benefits of shifting portion of its processes to decentralized tech platforms. He stated:
We foresee this displacement of manual paperwork towards immutable records connected the blockchain to immensely lend to infallible ratio and transparency.
BMW’s woody comes astatine a clip erstwhile blockchain-based tech is being affected by the cryptocurrency marketplace downtrend owed successful portion to the downfall of FTX, 1 of the biggest crypto exchanges successful the world. As Nobel laureate Paul Krugman stated connected Dec. 1, immoderate important non-crypto blockchain-based projects similar Tradelens, a Maersk-backed planetary trading platform, and the blockchain-based engine that was being developed for the Australian Stock exchange, person been precocious canceled.
Even so, Coinweb is affirmative astir the effect that this confederation could bring for the cognition of however utile blockchain tech tin be. Coinweb CEO Toby Gilbert declared:
We anticipation that erstwhile this task is afloat launched, it tin beryllium utilized arsenic a benchmark to beryllium that accepted businesses tin afloat leverage blockchain exertion and payment hugely from it, without deviating from their halfway values and mission.
What bash you deliberation astir BMW’s projected implementation of blockchain tech? Tell america successful the comments conception below.
Sergio Goschenko
Sergio is simply a cryptocurrency writer based successful Venezuela. He describes himself arsenic precocious to the game, entering the cryptosphere erstwhile the terms emergence happened during December 2017. Having a machine engineering background, surviving successful Venezuela, and being impacted by the cryptocurrency roar astatine a societal level, helium offers a antithetic constituent of presumption astir crypto occurrence and however it helps the unbanked and underserved.
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