Jaguar Land Rover Planning to Allow Drivers to Earn Crypto While They Drive, IOTA Up Over 14%

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According to Reuters, Jaguar Land Rover (the UK’s largest car manufacturer and a whole-owned subsidiary of India’s Tata Motors), 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.”

Apparently, Jaguar Land Rover (JLR) 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. The IOTA tokens earned by drivers “could be used to pay for tolls, parking and charging for electric cars.” 

JLR says that the goal for this technology is to help “achieve zero emissions, zero accidents, and zero congestion.” The software is being built at the company’s software development center in Shannon, Ireland, where “engineers have already equipped several vehicles, including the Jaguar F-PACE and Range Rover Velar, with ‘smart wallet’ features; however, the company does not know yet when this technology will become “commercially available.”

Dominik Schiener, IOTA co-founder and co-chairman of its board, told Reuters:

“The smart wallet technology … can be easily adapted into all new vehicles. 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.”

According to Autocar, “JLR predicts that 75 billion devices will be connected to IOTA’s network by 2025 and that transactions will become faster because of the absence of processing fees.” The report says that JLR drivers “will also be able to top up their virtual wallet by more conventional means.” 

Here is how the IOTA Foundation describes IOTA:

“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.”

The news has caused the IOTA price to surge, with CryptoCompare showing that it is currently trading at $0.3104, up 15.26% in the past 24-hour period:

Featured Image Credit: Photo via Pixabay.com

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