BMW is ready to get entered blockchain technology. This has an objective to make its financial infrastructure more permanent and transparent in terms of maintaining records. The German luxury car-making company BMW has partnered with Coinweb, which is a layer-2 cross-chain computation platform that works to execute smart contracts. BMW has picked Binance’s BNB Chain to be the foundation for the initiative because of its low cost and fast transaction speed offerings.
Interesting purchases of BMW in Thailand will have to apply for a vehicle financing requirement on a platform that is going to be designed by Coinweb. This platform will essentially help the buyers in storing their KYC details in an irreversible format and in accordance with the laws of Thailand, as per Coinweb.
CEO Bjorn Antonsson of BMW Leasing, Thailand division said that they foresee this shift of manual paperwork towards immutable records on the blockchain to immensely contribute to infallible efficiency and transparency.
BMW’s blockchain has been divided into two parts. The first part is dedicated towards the creation of a future plan for BMW to explore cross-chain smart contracts. This would save time for both the customer and company that otherwise continues to get prolonged with manual processes.
The second part will keep track of Coinweb, which is developing a special Web3 service to produce a blockchain-based loyalty programme for Thailand’s BMW customers.
Collecting rewards on this programme will help the customers to earn special offers and services.
Toby Gilbert, CEO of Coinweb said that they are hoping that once this project is fully launched, it can be used as a benchmark to prove that traditional businesses can fully leverage blockchain technology and can get maximum benefits from the same without deviating from their core values and mission.
On December 14, Italy made a partnership with Algorand blockchain so that it can support an upcoming digital guarantees platform to issue bank and insurance guarantees on the blockchain, which is a digital ledger technology (DLT). By this action, Italy will become the first member nation of the European Union (EU) to mix blockchain with its financial and insurance systems in 2023.
Algorand blockchain has recently made a choice to include the Maharashtra government in India to store and support health data as NFTs.