BMW working with Blockchain Startup Bloom to Streamline Lending

German automobiles giant, BMW, is working with blockchain startup, Bloom, on a solution that would streamline customers’ progress and lending experience.

This was confirmed by Bloom in a blog post on Tuesday. It said the partnership would enable BMW use Bloom’s technology to verify its customers’ identity and to authenticate the accuracy of credit history without storing the customers’ raw data on its servers.

As part of BMW Financial Services Collaboration Lab, a 10-week acceleration program has been scheduled to take place at BMW’s Ohio office, to which Bloom and five other startups have been selected to participate in.

The program will evolve around four key categories: building a blockchain strategy, digitalizing the customer journey, data analytics and insights, and wildcard.

On the topic of blockchain technology, the firm claims it 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.”

The goal ultimately is to “enable BMW to automate a lot of processing and increase the tracking and security of information,” the blog said.

Bloom uses a public-private key encryption which supports Blockchain technology, that allows clients to secure their data on their local devices and easily apply for credit.

Another blockchain startup that got into the accelerator program is Supermoney. Supermoney is developing a digital wallet that would enable in-store and online purchases using QR codes. Like Bloom, it also seeks to manage counterparty risk, protecting both buyer and seller.

A total of 212 applications were submitted but only six startups were selected to work with BMW.

Ian Smith, BMW Group Financial Service Chief Executive in the US and Americas, said the Collaboration Lab, which is in conjunction with L Marks, was designed to “ensure the alignment and enhancement of our overall vision of transforming how people access and enjoy personal mobility, today.”

“This will have long-lasting effects on our business and positively impact our customers and dealer partners,” he added.

More so, Chairman of L Marks, Stuart Marks said, “The BMW Group Financial Services Collaboration Lab is an exciting way to unearth and nurture talent and develop new solutions to some of the challenges the industry is facing,”

He added that BMW was also “looking for solutions to engage new potential targeted customer demographics such as Millennials with the BMW brand, as well as owning a BMW vehicle, in a very different way.”

A Demo of the application would be showcased on November 19, 2018.

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