• BMW might carry out such operational reorganisations in other markets.
• The blockchain initiative by BMW in Thailand is broken into two components.
• Several significant organisations switched to blockchains this year.

In order to make its financial infrastructure more durable and transparent in terms of retaining records, BMW plans to enter the blockchain technology space. The layer-2 cross-chain computation platform Coinweb has worked with the German luxury automobile manufacturer to carry out smart contracts.

 BMW specifically chose Binance's BNB Chain as the initiative's base due to its low cost and quick transaction speed options. BMW has decided to carry out the first stage of its blockchain transition through its operations in Thailand.

BMW buyers in Thailand who are interested in making a purchase will need to submit an application for auto financing on a platform that Coinweb will provide. According to Coinweb's official statement, this platform will effectively require users to keep their KYC information in an irreversible format and in compliance with Thai legislation.

 The blockchain experiment of BMW is separated into two segments. The first section focuses on developing a future strategy for BMW to investigate cross-chain smart contracts. Customers and the business would save time that would otherwise be wasted on manual operations.

 In the second half, Coinweb will create a unique Web3 service to create a blockchain-based loyalty programme for BMW consumers in Thailand. Customers who earn rewards through this programme will receive exclusive deals and services.

 Toby Gilbert, CEO of Coinweb, said on the agreement: 'We hope that once this project is completely launched, it may be used as a benchmark to prove that traditional businesses can fully embrace blockchain technology and gain greatly from it, without departing from their basic values and goal.'

A fandom for blockchain has emerged this year in a number of eminent institutions around the globe. On December 14, Italy joined forces with Algorand blockchain to support a future platform for digital guarantees that would allow banks and insurance companies to offer guarantees on a distributed ledger called blockchain (DLT). This will make Italy the first EU member state to integrate blockchain technology into its financial and insurance systems in 2023.