Blockchain service Bloom offers a more secure assessment of credit worthiness and the ability to obtain loans from both traditional and digital currency lenders, helping the auto brand increase flexibility for customers

With digital currency’s popularity on the rise, retailers are looking to incorporate additional ways for customers to make purchases. When it comes to automobiles, many clients must obtain a loan. Accordingly, BMW partnered with startup Bloom to allow its car buyers to apply for loans via Bloom’s blockchain technology.

Using blockchain to assess a consumer’s credit worthiness can increase security, as clients’ information won’t be stored on servers. This is also helpful for car buyers who may not have a bank account or established credit.

BMW Financial Services CEO Ian Smith explains BMW’s effort to keep up with new technology, stating, “We will ensure that we continue to remain highly relevant and meaningful for our customers well into the future. Collaboration is where innovation and implementation meet.”

While credit scores have been used during the car-buying process for years, BMW intends for Bloom’s blockchain technology to make the experience more seamless for customers, letting them obtain loans from both traditional and digital currency lenders to expand their options as well as potentially save them money.

BMW

Bloom


Lead image: dealership showroom stock photo from Nejron Photo/Shutterstock

With digital currency’s popularity on the rise, retailers are looking to incorporate additional ways for customers to make purchases. When it comes to automobiles, many clients must obtain a loan. Accordingly, BMW partnered with startup Bloom to allow its car buyers to apply for loans via Bloom’s blockchain technology.

Using blockchain to assess a consumer’s credit worthiness can increase security, as clients’ information won’t be stored on servers. This is also helpful for car buyers who may not have a bank account or established credit.