BMW With Coinweb & BNB Chain Introducing Blockchain Technology To Thailand

Dec. 29, 2022
BMW With Coinweb & BNB Chain Introducing Blockchain Technology To Thailand

BMW, a German carmaker, plans to offer blockchain technology to Thai customers and companies. Where BNB Chain is “selected as the anchor chain” and will settle payments.

Coinweb, a layer-2 cross-chain computation platform, has been linked as the source of BNW’s network environment. BMW Financial Services will use Coinweb’s support to build up and operate cross-chain smart contracts and its client loyalty program.

The project’s development is split into two phases. The first phase in the roll-out strategy is a workable analysis for cross-chain Smart Contracts that run in parallel. Its purpose is to remove time-consuming manual operations and improve the workflow of BMW’s vehicle finance services.

Following the report, a fully integrated Anti Money Laundering (AML) & KYC tool based on Thailand NDID may be provided to make the task of applying for auto loans.

Coinweb will develop a one-of-a-kind SaaS Web3 application for a customer loyalty program that will use blockchain. In addition, to reward BMW Group customers in the project’s second stage.

The Binance BNB chain, which was chosen as the anchor chain because of its cost, speed, and volume, will receive a list of payments to other blockchains.

Bjorn Antonsson, CEO of BMW Leasing (Thailand), stated:

For our long-term clients in Thailand, we look forward to ongoing to develop their loyalty. While rewarding them through the blockchain-based rewards system giving genuine value, which will be launched in 2023.

Expansion of the BNB Chain in 2022

BNB Chain made significant progress in bringing the following billion people onto Web3 in the previous year. It has more unique addresses than ETH and has topped 230 million, making it “the world’s largest layer 1 blockchain.”

After the 2022 tech roadmap, the network featured a series of rapid advances that permitted faster payments, lower pricing, and more volume.

In October 2022, there will be a significant technological update. BSC v1.1.16 is a temporary urgent patch to alleviate the cross-chain architecture between Beacon Chain and Smart Chain to re-enable the cross-chain.

Related Reading | Charles Hoskinson Writes Back To Recent Cardano Misinformation On Twitter

Additionally, the circuit control was reduced by half in ZkBNB v0.0.5.  Several features have been added to Akula. Propose BEP171 to strengthen the cross-chain module’s security.

Furthermore, Seat Expansion for BSC Validators Proposal 12, which increases the number of BSC validators from 23 to 26, was accepted and put into action via on-chain governance.

Moreover, the BNB network plans to launch the zkBNB mainnet in 2023 and host developer meet-ups and hackathons for organizations interested in adopting zkBNB. It also intends to add more technologies to improve user experience on its dApps.

Ammar Raza

Associate editor
Ammar Raza is an individual with a strong interest in the world of cryptocurrency. He has written extensively on topics such as non-fungible tokens, decentralized apps, and blockchain technology. In addition, he is passionate about collaborating with innovative companies to drive meaningful change.

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