British car manufacturer Jaguar Land Rover has launched a cryptocurrency initiative. In exchange for customer data, drivers will be able to earn IOTA through a smart wallet.
The collaboration will allow drivers to earn crypto while on the road, earning credits for automatically sharing information about traffic jams and potholes. They can also spend IOTA automatically to pay for tolls, parking and electric charging.
Drivers will also be able to use their rewards to buy food on the go.
“‘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.
‘Smart Wallet’ uses the latest cryptocurrency technology and Jaguar Land Rover has partnered with the IOTA Foundation to harness ‘distributed ledger’ technologies to make and receive these payments. Unlike other similar systems, due to its structure, 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*. Drivers could also top-up the ‘Smart Wallet’ using conventional payment methods.”
The partners have more than just cryptocurrency solutions in store for drivers. Jaguar Land Rover software architect Russell Vickers says,
“The connected car technologies we are developing will be transformative and truly turn your Jaguar or Land Rover into a third space, in addition to your home or office. 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.”
IOTA is $0.302, at time of writing, after jumping 20% today to $0.324, up from $0.269 on April 28, according to data compiled by CoinMarketCap. The cryptocurrency currently ranks as the 15th largest with a market cap of $839,515,334.
The new initiative is being tested at Jaguar Land Rover’s software engineering center in Shannon, Ireland.