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BMW Company Launches Project For Blockchain Startups Support

Published: 14/09/2018

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What is it for?

The representatives of BMW, a large German vehicle manufacturer, announced the launch of a business-accelerator to support startups, according to a press release published on the official website. The company keeps pursuing its strategy for the blockchain development.


The startup of the Supermoney financial platform, which is developing a new crypto wallet, was the first blockchain solution chosen to participate in the program. The new wallet will allow the customers to make purchases online and in stores using QR-code. The system of smart contracts protects both a buyer and a seller from partner risks.


Source: BMW


The second blockchain startup is Bloom, which uses the distributed ledger to identify a client and assess his credit history. The protocol developed by the Bloom specialists is supported by Ethereum.


The total of six startups, including Supermoney and Bloom, will participate in the 10-week program called the BMW Financial Services Collaboration Lab. During the cooperation, the young firms will be assisted in the development of innovative technological solutions for business and client services.


BMW Financial Services is a specialized branch of the BMW Group, which provides leasing, accounting, and financial services to a number of BMW brands.


Considering the department's activity and the Supermoney and Bloom projects focus, it is most likely that the principal goal of the company’s blockchain strategy is to implement financial technologies in its business development.


In February 2018, the representatives of BMW Group UK announced the launch of a blockchain platform jointly with the DOVU startup. It will allow the drivers of leased cars to receive tokens depending on the vehicles' mileage.


As previously reported, the founder of the ConsenSys company expressed confidence in the further development of cryptocurrencies and blockchain technology in general.

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BMW blockchain