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.
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.