Home / Crypto Currency / BMW Partners Blockchain Startup to Develop Customer Lending Solution

BMW Partners Blockchain Startup to Develop Customer Lending Solution


bmw blockchain

Advertisement

BMW Group financial services has announced its partnership with blockchain startup Bloom in a bid to streamline its customer journey and user experience, per a Medium post.

Bloom helps to make the traditional lending process easier hence helping to reduce the risk that consumer data is exposed to. Individuals can secure their data on their local device and apply for credit without exposing data to risk, using Bloom’s blockchain-based mobile application. Anyone can take advantage of the blockchain technology because of bloom’s straightforward onboarding process. Through this move, BMW Financial Services will revolutionize the way individuals apply for financing.

“Bloom is excited to participate in such a forward-thinking initiative. I’m excited to be working with the BMW Financial Services team to build a streamlined and easy lending experience to improve the customer journey,” said Anne Ching, Head of Partnerships at Bloom.

Ian Smith, the CEO of BMW Group Financial Services USA, also added that BMW is “looking to examine any and all methods of how blockchain ledgers could support the transformation of current data warehousing, payment, and customer information tracking.”

According to Smith, BMW’s goal is to automate a large part of their processing and focus more on tracking and securing of information.

This initiative is part of the BMW collaboration Lab 2018 which involves six startups that will be participating in a 10-week lab at BMW Financial Services’ offices in Hilliard, Ohio. The program will focus on some critical areas including building a blockchain strategy, data analytics, and insights, digitalizing the customer journey and wildcard.

BMW has been trialing the blockchain technology to solve a range of problems. The automobile giant is also one of the founding members of the Mobility Open Blockchain Initiative (MOBI), alongside Ford, GM and others. The initiative was created to accelerate the adoption of distributed ledgers and related technologies in the automobile industry.

Other car manufacturers that have developed blockchain-based customer financing include Daimler AG who acquired PayCAsh Europe SA last year in a bid to launch its electronic payment services platform which includes a number of payment options, including Bitcoin. The payment service platform was part of Daimler’s “mobility and digitization strategy” which enable customers to pay for Daimler’s services via a smartphone device.

Featured image from Shutterstock.

Follow us on Telegram or subscribe to our newsletter here.
Join CCN's crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Hacked.com? Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.
Advertisement
Read more

Check Also

How Coil Could Impact XRP Price After Recent Pump

XRP holders have been incredibly excited as of late due to the cryptocurrency’s overwhelming performance over the past week, leading the crypto markets as it rose from $0.25 all the way up to nearly $0.80 before stabilizing at its current price of $0.45. XRP investors may now have another use-case to be excited about: Coil. Coil To Accept XRP Payments The reasons behind this meteoric rise have been somewhat unclear, but things like the upcoming Swell conference, hosted by Ripple, and the potential release of Ripple’s XRP based settlement system, xRapid, have been floated as reasons behind the price rise. In addition to being used for Ripple’s xRapid product, investors may be excited to hear that the upcoming launch of a new company, called Coil, may provide even more use-cases for the cryptocurrency. Coil is a recently founded company headed by a former Ripple executive, that allows the internet’s largest companies to effectively accept XRP as a form of payment, expanding its use from simply a settlement vehicle to an effective currency. Coil was launched earlier this year by Ripple’s former Chief Technology Officer, Stefan Thomas, with the goal of using micro-payments to fix the issues that currently exist with online advertisement placement. Coil currently has trial partnerships with sites like YouTube, Wikipedia, and Twitch. Thomas spoke about Coil’s mission, saying: “For decades, people have discussed the potential of micropayments to support content creators that would move us away from the broken ad-supported web… Others have created subscription services that bundle content. But micropayments and subscriptions have always been built as closed systems, which fail to capture the huge variety of content on the web.” Coil is a direct competitor with the Brave web browser, which utilizes BAT tokens in order to facilitate micro-payments for internet content. Coil is also similar in concept to ChangeTip, an internet tipping app that was popular on social media before it burned through its funding and closed its operations. Coil Could Affect XRP’s Price Because XRP’s recent price spike can be largely attributed to speculation regarding the xRapid being released during the Swell conference occurring in the coming weeks, it is clear that investors are looking to see just how practical XRP is as a cryptocurrency, with many detractors claiming that there simply aren’t enough use-cases that make it a better alternative to Bitcoin or other competing altcoins. That being said, investors may take note of the use of XRP for Coil’s upcoming launch, which could positively affect XRP’s price. Currently, one of the most popular and widespread methods for tipping influencers and content creators on Twitter and Reddit is through the XRP Tip Bot, which has facilitated over 55,000 XRP tips totaling at 72,684 XRP sent in total. Coil would take the concept of micro-payments using XRP to the next level, and, if successful, could prove that XRP is efficient for transferring both large and small quantities of value. Featured image from Shutterstock The post How Coil Could Impact XRP Price After Recent Pump appeared first on NewsBTC.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.