BMW is Launching a Blockchain-Based Rewards App in Korea

BMW Korea, the Korean branch of German luxury carmaker BMW, will soon launch a blockchain-based rewards program in the country, as per a report by local news outlet Korea Herald Wednesday.

Called “BMW Vantage,” the reward program is BMW Korea’s upcoming membership scheme that would allow customers to collect reward points and use them to pay for products or get discounts on services that the program offers.

As per the report, new and first-time buyers of BMW models could receive 300,000 to 900,000 points per purchase. Those buying used BMW vehicles are also eligible to receive reduced reward points based on the market value of those vehicles, the report added.

Buyers of BMW’s biggest and newest offerings, such as the new 5 Series or the new 6 Series, can earn up to 900,000 points on their purchase. However, buyers of the existing models, such as the X Series, maybe eligible to receive only up to 600,000 points, the company said.

South Korea to Distribute CBDC Next Year as Part of Pilot Tests

South Korea intends to distribute its upcoming central bank digital currency (CBDC) next year as part of a broader 22-month pilot test, local news outlet Korea Herald said Wednesday.  The BOK intends to run the pilot tests until December 2021 with the distribution and circulation test being the final step of a three-phase CBDC program, the report said. Of the first two phases: Phase 1 involved the research and design of a CBDC and ended in July, while Phase 2 is ongoing and involves seeking thi...

Users can also earn membership points through the game and other social features on the carmaker’s mobile application, BMW Korea added.

In terms of spending their points, members can get discounts on routine vehicle maintenance and other services provided by BMW’s partner companies. Furthermore, users with a “high-tier membership” could also receive invitations to cultural events organized by the company.

A South Korean beach wants you to pay in Ethereum

Visitors to South Korea’s Haeundae-gu beach in Busan can now pay with Ethereum at all beach-side shops, according to ZDNet Korea. Last week, blockchain development firm BITbeat said it launched a crypto payment system in Haeundae-gu beach after concluding a successful pilot test. The project is aimed to help enhance the convenience, transparency, and reliability of crypto payments. “We hope that the virtual currency used in the Haeundae-gu Beach System will be used more widely in real life. We...

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

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

Blockchain to play a huge role in South Korea’s economic revitalization

Blockchain technology features prominently on the government’s radar in South Korea, even if they don’t mention it as much as decentralization purists would like. Under the terms of a “New Deal” stimulus package, the South Korean government is focusing on two pillars: the “digital new deal” and the “green new deal” The former aims to extract value from rising technologies such as AI, 5G, and blockchain, while the latter deals with a low-carbon output economy. Chinese capital Beijing unveils its...

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