Jaguar Land Rover Will Reward Drivers with IOTA Coins

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Car company Jaguar Land Rover is testing a “smart wallet” built on the IOTA blockchain. After starting the initiative, drivers will receive IOTA coins for providing driving data.

It is reported that using cryptocurrency users will be able to pay for parking, travel on toll roads and charging for electric vehicles.

Testing technology takes place at the research base of the company in Ireland. The software was installed on the Jaguar F-Pace and Range Rover Velar models. At the moment, the date of the commercial launch of the wallet is unknown.

“We are going to achieve zero emissions of carbon dioxide, complete trouble-free and no traffic jams,” said the company.

Recall that the blockchain IOTA was originally created for the Internet of Things and allows you to transfer funds without commissions. In addition, the network is supported without the participation of miners.

“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,” Dominik Schiener, IOTA co-founder and co-chairman of its board said.

Many global automakers are exploring the possibilities of blockchain technology. For example, recently the Korean company Hyundai announced the development of a platform for tracking the history of used cars on the blockchain. Hyundai also plans to introduce technology into the electric vehicle management system, and Mercedes-Benz uses the blockchain to increase the transparency of supply chains.

Featured image via Pixabay