German automobiles and motorcycles manufacturer BMW is working with blockchain startup Bloom[1] on a solution to streamline customers’ journey and lending experience, Bloom said[2] in a blog post on Tuesday.
Bloom uses public-private key encryption underpinning blockchain technology to allow individuals to secure their data on their local device and easily apply for credit. It claims its blockchain-based mobile app streamlines customers’ lending experience and facilitates the onboarding process.
The partnership seeks to use Bloom’s technology to verify customer identity and to attest the accuracy of credit history without storing customer raw data on the servers.
It is taking place as part of the BMW Financial Services Collaboration Lab[3], a 10-week acceleration program at the firm’s Ohio offices, to which Bloom, along with five other startups, have been selected to participate in.
The program is articulated 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,” according[4] to the webpage.
Besides Bloom, Supermoney[5] is the other blockchain startup that got in into the accelerator. Supermoney is developing a digital wallet allowing for in-store and online purchases using QR codes. The product runs on a system of smart contracts that effectively and efficiently manage counterparty risk, protecting both buyer and seller.
The six startups, selected among a total of 212
