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Car manufacturer BMW is taking new steps to further develop its blockchain strategy. Today, the company announces a program to help startups working on blockchain get started extra quickly. It has already made two investments in this area.

BMW hopes that its investments will streamline its blockchain strategy. To this end, it invests in Supermoney, which builds a new digital wallet and provides a platform for customers to make online and in-store purchases using crypto currencies. There is also Bloom, which uses blockchain’s encryption principles to verify the identity of customers and to confirm the credit history without storing the data on a local server.

New strategy

These two companies in the blockchain join four other startups that belong to a so-called accelerator program that lasts ten weeks. The program bears the illustrious name BMW Financial Services Collaboration Lab. How things go after that, when the ten-week period comes to an end, is not known.

It is also uncertain whether BMW will eventually apply the technology it develops and invests in to its services. The BMW Financial Services division is in any case involved in various financial products. Bearing that in mind, together with the two blockchain proposals, it is clear that the company is trying to redesign its financial strategy.

At the same time it will take some time before BMW cars will have to deal with blockchain. Recently, the company has announced several initiatives that do have to do with it. In this way, drivers who lease or have borrowed vehicles can record their driving behaviour and receive tokens in return.

This news article was automatically translated from Dutch to give Techzine.eu a head start. All news articles after September 1, 2019 are written in native English and NOT translated. All our background stories are written in native English as well. For more information read our launch article.