Biggest auto manufacturer of Britain, Jaguar Land Rover, announced on Monday that it is currently verifying software that will allow its car drivers to receive the IOTA cryptocurrency as compensation for sharing the information.
The auto manufacturing company is currently designing a technology ‘smart wallet’, it will be deployed in Jaguar Land Rover cars. The smart wallet is a blockchain based technology that will allow its drivers to enable their vehicles to automatically send useful information such as local authorities, potholes to navigation providers and traffic congestion.
Jaguar revealed that drivers can earn some more rewards by taking part in a ride-sharing program. The IOTA tokens earned by the drivers can be used to make toll payments or pay for parking and can even charge the electric cars or for coffee.
IOTA Foundation’s Director of Partnerships, Holger Kother stated that: “Our distributed ledger technology is perfectly suited to enable machine-to-machine payments for smart charging, parking and tolls, in addition to creating opportunities for drivers to earn their own digital currency.” Holger Kother said, “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.”
The objective of the project was to obtain zero accident and zero congestion the company mentioned.
The company further said that Jaguar cars will be included with IoT (Internet of Things) sensors to offer data through ‘Tangle distributed ledger’ of IOTA, and also includes messages. The data will then be transferred to the concerned authority of the city.
Let us consider an example, if the road is blocked by a tree or a car accident happens then, the cars would communicate and will even provide more precise local weather information.
Leading car automobile manufacturers are experimenting with blockchain applications, and they are looking out for alternative ways through which they can make the best use of the technology to meet their unique needs.
The technology has already been deployed by the engineers in Jaguar F-PACE and Range Rover Velar and other cars. The testing of the technology is taking place at the new software engineering base of Jaguar Land Rover located in Shannon, Ireland. These cars have been integrated with ‘smart wallet’, the auto manufacturer announced.
Russell Vickers, the software designer, mentioned that: “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.”
Jaguar, which is the part of Tata Motors mentioned that the time of making it accessible in the market is still unknown.
Co-founder and co-chairman of IOTA foundation, Dominik Schiener, informed a source that it will be easy to adapt the smart wallet technology within all new vehicles.
The IOTA token is supported on a distributed ledger technology, it allows users and machines to exchange information and currency, and there is no transaction fee to carry out the trade. IOTA performs its trading over the digital asset exchanges. Each IOTA token was trading at 27 U.S cents.
The aim of IOTA is to allow for interconnectivity within various players. So there is no other coin apart from only one global token for the machine economy, IOTA co-founder concluded.