Jaguar Land Rover cars will have built-in smart wallets through which drivers can earn IOTA coins.
On Monday, Britain’s biggest auto manufacturer, Jaguar Land Rover stated, it is testing a software that allows drivers of its cars to earn the IOTA cryptocurrency as a reward for sharing data.
Jaguar Land Rover is developing a “smart wallet” technology which will installed in its automobiles.
The aim is to reward Jaguar car drivers with IOTA coins for actions such as enabling their vehicles to automatically report useful data, including traffic congestion and potholes to navigation providers or local authorities.
Further, drivers could also earn rewards if the car participates in a ride-sharing program, said Jaguar.
The earned tokens could be used for paying parking fees, tolls, and even charging for electric cars.
The overall goal is to “achieve zero emissions, zero accidents, and zero congestion,” said JLR in a statement.
JLR’s move comes midst global car companies exploring ways to leverage blockchain technology to their requirements.
India’s TATA owned JLR, is testing the technology at its new Jaguar Land Rover software engineering base in Shannon, Ireland, where engineers have already equipped several vehicles, including the Jaguar F-PACE and Range Rover Velar, with “smart wallet” features, said JLR.
A timetable for when it will be available commercially is yet to be disclosed.
“The smart wallet technology … can be easily adapted into all new vehicles,” said Dominik Schiener, IOTA co-founder and co-chairman of its board. “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”.