Jaguar Land Rover has partnered with IOTA to enable car drivers and owners to earn cryptocurrencies while sharing real time data and information.
The news first surfaced on twitter on Monday, when Pompliano twitted the controversial partnership, tagging it “THE VIRUS IS SPREADING”.
The UK-based automobile company is believed to have an eye for the Blockchain and has decided to make a bold leap into the decentralisation arena, choosing the IOTA network.
Jaguar Land Rover is now believed to be testing its smart wallet innovation in Shannon, Ireland. This wallet exists in order to pay incentives to drivers for sharing data in terms of “useful road (conditions) such as traffic congestion or potholes.
“Credits are earned when such information, shared in real time are sent to local authorities and or navigation providers.
According to the arrangements, earned credits can be converted and or used directly in a variety of ways including purchasing goods and services.
Jaguar Land Rover may build autonomous electric cars in the future. Their connection with the Blockchain ecosystem may allow easy transactions like recharge and pay at a charging station.
Owners of these vehicles may still be part of the sharing economy, earning rewards from sharing data which may help the flow of traffic. In an interview with the software architect, Russell Vickers, he stated:
“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.”
In response to the development, MIOTA has surged up by 12% in Price since the announcement. The IOTA foundation altogether expressed optimism in this mutualistic relationship with Jaguar Land Rover and believes the relationship will benefit both companies and the crypto economy at large.
“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.