BMW makes blockchain financing move with Bloom

September 18, 2018
Chris Wheal

The Ultimate Driving Machine experience has got closer to integrating blockchain tech into the buying process. Blockchain start-up Bloom is partnering with BMW USA to examine “how blockchain ledgers could support the transformation of current data warehousing, payment, and customer information tracking”.

Bloom is taking part in a 10-week lab at BMW Financial Services’ offices in Ohio to look at how it can integrate its blockchain tech in the automotive and financial sectors.

Your personal data is secure when buying your new BMW, Bloom claims

‘Slow and intrusive’ Bimmer buying process

Bloom says the traditional lending process is awkward with consumer data at risk and, often, pretty dismal credit scoring. It fixes this, Bloom claims. “Using Bloom’s blockchain-based mobile app, individuals can finally secure their data on their local device and apply for credit without putting their data at risk.”

Bloom uses public-private key encryption underpinning blockchain technology to verify customer ID to confirm credit history without storing customer raw data on the servers.

The Ultimate Information Security?

M-class now a blockchain option

Ian Smith is the CEO of BMW Group Financial Services USA. “Ultimately,” he says, “our goal is to enable BMW to automate a lot of processing and increase the tracking and security of information.”

“I’m excited,” said Anne Ching, head of partnerships at Bloom, “to be working with the BMW Financial Services team to build a streamlined and easy lending experience to improve the customer journey.”

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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