BMW is collaborating with Bloom which is a startup blockchain to make the car buying experience simple. This experience includes streamlining the method of receiving a car loan. In a firm blog last week Shannon Wu, founder of Bloom wrote that Bloom revealed its partnership with BMW Group Financial Services about streamlining its clients way and experience as an act of the BMW Collaboration.

The traditional lending method as cumbersome are considered by The San Francisco, Calif.-based startup. A couple of its issues are setting clients info at risk while struggling to get accurate lenders. Wu stated that the blockchain-powered app from Bloom shall assist BMW’s clients protect their private info on a local device and apply for credit. She added that her company is obligated to a seamless onboarding method of buying cars and that technology of blockchain does not have to include a hard educating curve.

The digital wallet

The BMW Financial first ever Services Partnership Lab functions with six startups to potentially change the vehicle organization in a 10-week idea span method with organizations professionals in the Ohio offices from automaker’s Hilliard.

BMW is viewing disruptive payment solutions also. The same announcement mentioned Supermoney, a blockchain venture that is forming a digital wallet that will probably find its way to auto dealerships across the nation if the solution is inherited. The company stated that, online and in-store clients can pay with an easy QR scan because the product runs on a system of smart contracts that effectively and efficiently manage counterparty risk, security the seller and buyer both.

When Supermoney and Bloom collaboration manages, it will be excellent news for car buyers.

Dealership streamlining processes

Through Bloom collaboration with BMW Financial Services, expectations are to roll out a streamlined and easy loaning experience to improve the customer journey. CEO of BMW Group Financial Services USA, Ian Smith, said that BMW is seeking to examine all and any modes of how blockchain ledgers could support the changing of initial client data tracking, payment, and information warehousing. Ultimately, our goal is to make BMW be able to do a lot of processing and improve the tracking and security of data.