Blockchain, Cryptocurrency, Economy

BMW Blockchain-Rewards Program Will Soon Be Available In South Korea

BMW Korea, the Korean subsidiary of German luxury carmaker BMW, will soon launch a blockchain-based rewards plan in the nation, as per a statement by local news outlet Korea Herald Wednesday.

Termed “BMW Vantage,” the reward program is BMW Korea’s forthcoming membership project that would allow clients to receive reward points and use them to spend for merchandise or get discounts on services that the program awards.

As per the announcement, new and first-time clients of BMW models could earn 300,000 to 900,000 points per purchase. The statement added that those buying used BMW vehicles could also receive reduced reward points based on those vehicles’ market value.

BMW clients would soon earn rewards via a blockchain app in Korea.

Customers of BMW’s most significant and newest offerings, such as the new 5 Series or the new 6 Series, can collect up to 900,000 points on their investment. Still, customers of the present models, such as the X Series, may be suitable to receive only up to 600,000 points, the firm said.

BMW Korea continued to earn membership points through the game and other social features on the carmaker’s mobile application.

Regarding spending their points, members can get rebates on routine car maintenance and other assistance provided by BMW’s partner companies. Moreover, users with a “high-tier membership” could also receive invitations to cultural events organized by the company.

BMW Korea remarked that while the Vantage offering will be initially available only in Korea, the program will eventually be launched globally. Its continued trials are currently ongoing, and a stern launch can be expected before the start of 2021.

Such blockchain-based applications have found significant adoption in Korea. For instance, Busan residents in its second-most populous city are now having their digital identities recorded on a public ledger, allowing for seamless and document-free usage for city services like driver’s licenses.

The improvements follow the South Korean government big bet big on technologies like blockchain and artificial intelligence. Beginning this year, it announced a $400 million government-backed fund to finance in such rising technologies. But the subject remains whether any of these applications are genuinely decentralized, if at all.

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