BMW has become the latest company to embark on a blockchain project. The company has announced it was partnering with Singapore’s Tribe Accelerator alongside Intel and Neilsen.
Backed by the government of Singapore, Tribe Accelerator aims to develop the emerging blockchain ecosystem in the city-state. It will also work with startups to foster new innovations with the technology.
Alongside BMW, IT firm Intel and Neilsen also joined the ranks as corporate partners. All three companies will independently explore blockchain technologies within their own industries.
Blockchain is the same technology that powers cryptocurrencies like bitcoin. It also has a number of use cases in commercial, government and other sectors.
Already, the technology is being deployed by some of the world’s largest organisations. BMW, Intel and Neilsen are only the latest firms to sign up to a new blockchain project.
Announcing the news last week, Tribe Accelerator said the companies would share their blockchain expertise with other members of the programme. This is in a bid to ensure blockchain infrastructure is “ready for industry 4.0.”
As part of the arrangement, BMW Group Asia will lead masterclasses on blockchain applications in the mass market context. The company said that it hopes this will help others develop blockchain proofs-of-concept within their own industries.
Head of Asia Pacific region at BMW, Carsten Sapia, further stated that this would help other firms move forward with their blockchain projects.
“We hope we can help each of these startups develop their proof-of-concepts and reach the next stage of their development.”
For its part, Intel will be providing both technical and commercial mentorships to accelerator companies.
“Intel technologies like Intel Xeon Scalable processors and Intel SGX can help improve privacy, security, and scalability of blockchain solutions.”
Finally, Neilsen will help establish “a sandbox with the objective of providing participants with a safe, controlled environment to test new technologies and accelerate the adoption of their solutions.”
Tribe Accelerator managing partner Ryan Chew welcomed the developments. He stated that this was another step towards mainstream adoption of blockchain.
“To move forward as a society, we need to encourage experimentation, and once the benefits of blockchain technology become evident, mainstream adoption will undoubtedly follow.”