BMW Korea switches to Blockchain: rewards program coming soon

BMW Korea switches to Blockchain: prize program coming soon - bmw otomobil e1602088471492 1024x555BMW Korea has announced plans to launch a blockchain-based program that will reward buyers with discounts on vehicle maintenance and more. At the moment, the launch is only planned in South Korea. The country will be the first to see the new platform ahead of a potential global launch.

BMW Korea switches to Blockchain

BMW is probably one of the most popular automotive manufacturing brands in the world. According to the latest presentation to the Investors, released in October 2020, the company delivered nearly 650.000 vehicles in Europe, down 19,7% due to the coronavirus pandemic.

In mainland China, however, the company recorded a 6,4% increase, bringing the total number of vehicles delivered to nearly 560.000. In any case, BMW Korea plans to venture into the blockchain field through a new reward program called BMW Vantage, says The Korea Herald. Korea will reportedly be the first country to launch the new program ahead of its global debut.

How it works

According to BMW Korea, users of the blockchain-based rewards program will be able to get discounts on services provided by BMW and its partners, including vehicle maintenance. The company also said that users with a high-level membership will have the ability to receive invitations to cultural events hosted by BMW.

Additionally, the statement says BMW buyers will be given up to 500.000 points as an initial incentive, and those who buy second-hand BMW vehicles will be able to earn additional points based on the price of the car.

A little predictable news, the new BMW 5 and 6 series will give 900.000 points in the initial phase. In addition to this, users will be able to earn additional points through the game and other social features implemented on the mobile application, BMW Korea added.

South Korea and Blockchain: an interesting partnership

South Korea is undoubtedly becoming one of the countries that takes blockchain technology most seriously. The country is working on developing a distributed ledger-based payment system that will help its seniors manage contactless payments.

Furthermore, South Korea also plans to create a regulatory free trade zone for local hemp and is looking to manage hemp production using nascent technology. In 2019, local lawmakers called on authorities to loosen tight policies on the issue, saying blockchain will be an essential element in the fourth industrial revolution.

BMW's project therefore fits into the South Korean government's big bet on technologies such as blockchain and artificial intelligence. Earlier this year, Korea announced a government-funded $ 400 million fund to invest in such growing technologies. The question remains whether these applications are truly decentralized or not.