Jaguar Land Rover To Allow Drivers Earn Crypto While Driving
Jaguar Land Rover which is responsible for the “design, manufacture and marketing of both Jaguar and Land Rover products”, is “testing software that will allow drivers of its cars to earn the IOTA cryptocurrency as a reward for sharing data.”
IOTA Foundation describes IOTA thus:
“IOTA is a revolutionary new transaction settlement and data transfer layer for the Internet of Things (IoT). It is based on a new distributed ledger technology, the Tangle, which overcomes the inefficiencies of current Blockchain designs and introduces a new way of reaching consensus in a decentralized peer-to-peer system. Using IOTA, for the first time ever, people and machines can transfer money and/or data without any transaction fees in a trustless, permissionless, and decentralized environment. This means that even nano-payments are possible without the need for a trusted intermediary of any kind.”
Jaguar Land Rover is working with the IOTA Foundation to develop “smart wallet” technology that would reward drivers of its cars ” with IOTA coins for actions such as enabling their vehicles to automatically report useful data, such as traffic congestion or potholes to navigation providers or local authorities.” The Reuters report also says that another way for drivers to earn IOTA is if the car is part of a ride-sharing program.
IOTA Foundation through a blog post said “could then redeem these for rewards such as coffee, or conveniently use them to automatically pay tolls, parking fees and for smart charging electric vehicles,” and that “‘Smart Wallet’ removes the need for drivers to hunt for loose change or sign up to multiple accounts to pay for a variety of everyday services.”
IOTA Foundation believes that other benefits of this system are that “it requires no transaction fee to operate and over time transactions will get faster across the entire network, forecast to include some 75 billion connected devices by 2025.”