Jaguar LandRover, the United Kingdom’s largest car manufacturer has said today that it is testing software to reward drivers with cryptocurrency. In a press release, the company said they will use blockchain technology to allow drivers to earn IOTA cryptocurrency as a reward for them recording information about their journeys.
With “smart wallet” technology installed in its vehicles, owners will be able to earn IOTA coins for enabling their cars to automatically report useful information such as traffic congestion or potholes to navigation providers or local authorities. They will also be able to earn coins through participating in a car-sharing scheme. Drivers will then be able to redeem the coins for rewards like coffee or use them to pay for tolls, parking fees or charging stations for electric vehicles.
IOTA co-founder and co-chairman of its board, Dominik Schiener, said: “The smart wallet technology can be easily adapted into all new vehicles”.
Smart Wallet Uses Latest Cryptocurrency Technology
The IOTA token, based on their distributed ledger technology (DLT) Tangle, enables people and machines to transfer money and data with no transaction fees. Tangle overcomes the inefficiencies of current blockchain designs and introduces a new way of reaching consensus in a decentralized peer-to-peer system. IOTA say that transactions will get faster across the entire network and will include some 75 billion connected devices by 2025.
“The connected car technologies we are developing will be transformative and truly turn your Jaguar or Land Rover into a third space, in addition to your home or office,” said Russell Vickers, Jaguar Land Rover Software Architect. “In the future an autonomous car could drive itself to a charging station, recharge and pay, while its owner could choose to participate in the sharing economy , earning rewards from sharing useful data such as warning other cars of traffic jams”.
IOTA-Powered Car Wallet Will Benefit Drivers Across The Globe
The company is testing the technology at the new Jaguar Land Rover software engineering base in Shannon, Ireland, where engineers have already equipped several vehicles, including the Jaguar F-PACE and Range Rover Velar, with smart wallet features, the company said.
The partnership is part of Jaguar’s Destination Zero scheme, which aims to achieve “zero emissions, zero accidents and zero congestion” within the industry.
“We are excited to partner with Jaguar Land Rover in implementing its IOTA-powered car wallet, delivering a major convenience benefit for their customers worldwide,” said Holger Köther, Director of Partnerships, IOTA Foundation.