Jaguar Land Rover announced the testing of software that will help drivers earn the IOTA cryptocurrency in exchange for sharing data. Smart wallet technology is in development and may be implemented in the company’s vehicles. Jaguar drivers will earn IOTA coins for allowing their vehicles to automatically report data that would help the company. This could be indications where potholes are located or a real-time update of traffic that will help authorities and navigation providers an easy access portal to update.
According to Jaguar, drivers can also earn rewards for participation in a ride-sharing program. Tokens from the ride-sharing program may be used to pay for parking, tolls and electric car charging. According to Jaguar, this is the company’s step to “achieve zero emissions, zero accidents, and zero congestion.”
The technology is being tested in its software engineering located in Shannon, Ireland. Global Automobile Companies have been exploring blockchain applications and have developed a variety of ways to utilize.
“The smart wallet technology … can be easily adapted into all new vehicles,” Dominik Schiener, IOTA co-founder and co-chairman of its board, told Reuters on Friday.
“IOTA wants to enable interoperability with all these different players. So there is no Jaguar coin, no BMW coin, but one universal token for this machine economy,” he added.
Jaguar stated that there is no current time table for the release of this smart wallet technology.
Blockchain technology enables distributed public ledgers that hold immutable data in a secure and encrypted way and ensure that transactions can never be altered. While Bitcoin and other cryptocurrencies are the most popular examples of blockchain usage, this “distributed ledger technology” (DLT) is finding a broad range of uses. Data storage, financial transactions, real estate, asset management and many more uses are being explored.