Soon, Jaguar Land Rover owners will be able to earn IOTA cryptocurrency while driving. The Britsh auto giant is currently working on a software with the help of the which JLR owners will be rewarded with cryptocurrency if they agree to data sharing. The automaker is calling it the ‘Smart Wallet’ technology and is going to install the same in its vehicle soon. With the help of this, the owners of the respective vehicle will be able to earn IOTA coins certain actions, such as agreeing to share data related to traffic congestion or potholes to navigation providers or local authorities.
In addition to this, the owners will also be able to earn the said tokens if their vehicle participated in the ride-sharing program. Consequently, these token can be used to pay for tolls, parking as well as for charging of electric vehicles. The company says that the overall goal behind this is to achieve “achieve zero emissions, zero accidents, and zero congestion,”
Jaguar Land Rover, a subsidiary of Tata Motors, is not the only car company looking at blockchain applications, a number of global auto giants are exploring this technology and looking for ways in which they can be used in order to meet their respective needs. To put things in perspective, blockchain is a system which powers cryptocurrencies, such as Bitcoin, is a shared database that is maintained by a network of computers connected to the internet.
The company says that it is testing this technology at the all-new, Jaguar Land Rover software engineering base in Shannon, Ireland. The carmaker has already started equipping some of its vehicles with the ‘Smart Wallet’ technology. These include the Jaguar F-Pace and the Range Rover Vellar. That said, the carmaker is still not sure on as to when this technology will be available for commercial use.
The IOTA token is based on a distributed ledger technology that enables people and machines to transfer money and data without any transaction fees. IOTA trades on digital asset exchanges and was last at 27 U.S. cents per token. “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. “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.
Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.