BMW Launched A Blockchain-Based Rewards App In South Korea

BMW Launched a blockchain-based rewards app in South Korea so users will be rewarded based on their purchases and can also redeem points for various benefits like discounts or private events so let’s find out more in our blockchain latest news.

BMW Korea said today they will introduce a blockchain-based rewards app in South Korea and the app will be rolled out globally. As BMW launched the blockchain-based rewards app, the Korean branch explained that the new feature will be named BMW Vantage and will allow customers to collect rewards points and to use them to pay for products or to get discounts on services that the program will offer. The report also showed that the first-buyers of BMW models will receive up to 300,000 and 900,000 points per purchase so those that are buying BMW vehicles will also be eligible to receive a reduced reward option based on the market value of the cars.

The buyers of the biggest and newest offerings, like the new 5 Series or the new 6 Series, can earn about 900,000 points on their purchase. However, the buyers of the models like the X Series could only be eligible to get up to 600,000 points according to the company’s reports. users can also earn membership points via games and other social features on the mobile application of BMW Korea. In terms of spending the points, the members could get a discount on routine vehicle maintenance and other services that are provided by the company. The users with higher tier members will also receive invitations to cultural events that will be organized by the company.

BMW Korea noted that while the Vantage offering will be available currently only in the country, the program will be launched globally eventually. The company added that there are trials ongoing now which will lead to a hard launch before the start of 2021. Blockchain-based applications found great adoption in Korea as citizens of Busan already had their digital identities recorded on a public-ledger allowing for a seamless document usage for city services.

The developments came after the government of South Korea bet big on the technologies like blockchain and AI. It announced a $400 million fund to invest in these technologies but it remains to be seen whether these applications will be decentralized at all.