The largest car manufacturer in United Kingdom, Jaguar Land Rover, is working on plans to reward drivers of its car with cryptocurrency in exchange for the sharing of data, the company announced. The project, called “Smart wallet”, is developed together with the IOTA Foundation, the issuer of MIOTA cryptocurrency.
Drivers will be able to earn cryptocurrency and make payments on the move using innovative connected car services being tested by Jaguar Land Rover. Read more: https://t.co/NVwsn7xmgM#FutureMobility #Connected #Technology pic.twitter.com/fn4bWJKs83
— Jaguar Land Rover (@JLR_News) April 29, 2019
Drivers of Jaguar Land Rover cars will be able to earn and then spend cryptocurrency in exchange for “enabling their cars to automatically report useful road condition data such as traffic congestion or potholes to navigation providers or local authorities”. For instance, live reporting of traffic by one or several impacted drivers may lead to offering alternative routes to other drivers approaching the same area.
Based on the distributed ledger technology (DLT), Jaguar Land Rover and IOTA Foundation are working on a software which would enable drivers to earn and spend their cryptocurrency. The project is currently under development in Jaguar Land Rover’s software engineering base in Ireland.
“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,” says Russell Vickers, software architect at Jaguar Land Rover.
Owners of these cars will also have an option to top up their cryptocurrency balance through traditional methods of payment. Earned cryptocurrency can be spent on pay tolls, coffee, parking fees or smart charging electric vehicles. Due to its design, no transaction fee will be charged.
“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. 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,” adds Holger Köther, director of partnerships at IOTA Foundation.
So far, engineers working on the “Smart wallet” projects have equipped several vehicles with the abovementioned functionality. The project is part of the broader efforts within Jaguar Land Rover’s “Destination Zero” strategy, which has a goal to achieve zero emissions, zero accidents and zero congestion.