BMW Korea, the South Korean subsidiary of the German car maker, is creating a blockchain-based rewards platform called “BMW Vantage”. The automaker plans to use the platform in South Korea before rolling it out on an international scale if it is popular in the upscale Asian market. The purchase of a BMW earn the buyer points that can be used for rewards, like access to events. Used BMW vehicles that are sold by authorized dealers will also be eligible for rewards points. The points can also be used for discounts on maintenance, or other automobile related services.
What does it mean? Blockchain is being used for numerous applications outside of decentralized currency, and many major companies have tapped the technology for record keeping purposes. The nation of South Korea is also introducing blockchain-based identification programs, some of which are currently in use, such as the program in the city of Busan. South Korea is also using blockchain-based tracking apps to keep track of tourists in the wake of COVID-19, although there are few nexus points within all of the public and private blockchain platforms. There could be opportunities for companies that can create cross-blockchain communication systems that integrate data from disparate sources.