BMW announces partnership with blockchain start-up Bloom

BMW has partnered with blockchain firm Bloom to offer customers a less “cumbersome” lending service and improve overall user experience.

Announced in a post on Medium, the collaboration will allow BMW customers to secure their data through Bloom’s bockchain-based app when applying for financing.

The blog post reads: “The traditional lending process is cumbersome, puts consumer data at risk, and struggles to accurately score all borrowers. Bloom fixes this… 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, CEO of BMW Group Financial Services USA, said: “[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. Ultimately, our goal is to enable BMW to automate a lot of processing and increase the tracking and security of information.”

BMW isn’t the only company in its sector to engage with blockchain technology, after Houston-based Post Oak Motors announced it would accept Bitcoin or Bitcoin Cash.

A 10-week Collaboration Lab program featuring six start-ups including Bloom will help solidify the partnership, as well as helping the company to find and implement new technological solutions for its user-base.

“BMW Group Financial Services Collaboration Lab is designed to ensure the alignment and enhancement of our overall vision of transforming how people access and enjoy personal mobility, today,” Smith added. “This will have long-lasting effects on our business and positively impact our customers and dealer partners.”

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