BMW, the luxury car manufacturer, has partnered with Coinweb, a decentralized blockchain layer 2-based company, to introduce blockchain-based tools to its operations. The company will develop blockchain-based automation for vehicle financing processes, and also a rewards program for customers of the automotive company adapted to compliance processes in Thailand.

BMW to Introduce Blockchain to Its Operations

More companies are introducing blockchain processes as part of their operations due to the ostensible reliability of the tech and how it can help save on costs. On Dec. 29, BMW, the German car manufacturer, announced a partnership with Coinweb, a layer 2 (L2) blockchain interoperability protocol, to introduce blockchain-based processes to its operations.

This alliance contemplates two different tasks. The first includes the development of a smart contracts platform with the objective of streamlining different processes that need to be completed for the financing of BMW-branded vehicles. According to a press release, this would encompass the implementation of a “fully integrated Anti Money Laundering (AML) & Know Your Customer (KYC) tool” adapted to Thailand’s local laws.

The second task is the creation of a blockchain-based loyalty program to reward customers of the brand with products and services, assigning a rank to each customer directly related to their rewards accumulation.

Coinweb stated that it will use Binance’s Bnb Chain as the anchor chain for…