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BMW Partners with Blockchain Startup to Improve Lending

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BMW blockchain

Blockchain is hitting the mainstream, as BMW Group Financial Services just partnered with startup, Bloom.

All in an effort to improve customer experience

In fact, according to

“The traditional lending process is cumbersome, puts consumer data at risk, and struggles to accurately score all borrowers. Using Bloom’s blockchain-based mobile app, individuals can finally secure their data on their local device and apply for credit without putting their data at risk. Bloom’s commitment to user experience is evident in the seamless onboarding process. Now anyone can take advantage of blockchain technology without the steep learning curve.”

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.”

Autos Venturing into Blockchain

As a matter of fact, by 2019, IOTA and Volkswagen will release blockchain enabled cars.  For example, IOTA will release the Digital CarPass, which will track auto performance data.  This will make sure that all data collection in reliable and secure in the chain.

The IOTA-enabled CarPass is just one of five blockchain initiatives currently under active development by Volkswagen.  Porsche is also developing a blockchain-based solution that will allow multiple people to share vehicle access. Other projects include a supply-chain ledger that can track vehicle parts from manufacturer to customer.

Most exciting, Volkswagen isn’t the only auto company looking into it 

Four of the biggest automakers are part of a group working to bring blockchain to your car. BMW, Ford and General Motors are among the companies that are part of the Mobility Open Blockchain Initiative.

Their mission is to speed the adoption of blockchain.

In addition, even Amazon, Apple, Google and Microsoft are making moves into connected cars, which would rely on the technology.

“This is a tectonic shift in the tech landscape, that has the potential to disrupt the growth plans of legacy tech into the auto,” says Brian Kelly, founder and CEO of BKCM, as quoted by CNBC.



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