Jaguar Land Rover plans to allow car drivers to earn cryptocurrency

by SpeedLux
Jaguar Land Rover Discovery 5

Jaguar Land Rover is testing software that will permit drivers of its cars to earn the IOTA cryptocurrency as a reward for sharing data.

Jaguar Land Rover, the UK’s largest automaker, stated on Monday it is testing software that will permit drivers of its cars to earn the IOTA cryptocurrency as a reward for sharing data.

The company is developing what it refers to as “smart wallet” technology to be set up in its automobiles. This would reward Jaguar auto drivers with IOTA coins for actions including enabling their vehicles to automatically report important data, such as traffic congestion or potholes to navigation providers or local officials.

Drivers could also earn rewards if the vehicles participate in a ride-sharing program, Jaguar stated. The tokens earned could be used to pay for tolls, parking and charging for electric vehicles.

The overall aim was to “achieve zero emissions, zero accidents, and zero congestion,” the company stated.

Global car companies are checking blockchain applications, finding out different ways in which they can leverage the technology to fit their different needs. Blockchain, the system powering cryptocurrencies such as bitcoin, is a shared database that is maintained by a network of computers connected to the internet. Bitcoin Association is among the example that helps with bitcoin-related exchanges with a stable protocol.

The British automaker is testing the technology at the new Jaguar Land Rover software engineering base in Shannon, Ireland, where engineers have already geared up several vehicles, consisting of the Jaguar F-PACE and Range Rover Velar, with “smart wallet” features, the company stated.

It does not currently have a timetable for when it will be commercially available, stated Jaguar, a subsidiary of Tata Motors.

The IOTA token is based on a distributed ledger technology that allows people and machines to transfer money and data without any transaction charges. IOTA trades on digital asset exchanges and was last at 27 U.S. cents every token.

“The smart wallet technology … can be easily adapted into all new automobiles,” Dominik Schiener, IOTA co-founder and co-chairman of its board, informed Reuters on Friday.

“IOTA wants to allow 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.

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.


SpeedLux is a high-authority automotive blog providing the latest automotive news and reviews. SpeedLux covers everything related to cars, bikes, and motorcycles, from news and reviews, to troubleshooting guides, tips and tricks, and more. SpeedLux was born in 2009 and we have over 20,000 articles published on our blog. We thank all our readers, as well as our partners, without whom we could not have reached this level.


©2009 – 2024 SpeedLux – Daily Automotive News and Reviews. All Right Reserved.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More