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Jaguar Land Rover is currently developing which will allow Jaguar owners to earn IOTA cryptocurrency in exchange for sharing data.
Jaguar owners will be able to earn cryptocurrency while driving. The British auto giant is testing software that will allow for Jaguar Land Rover (JLR) owners to ear cryptocurrency in exchange for sharing data. The automaker is calling this 'Smart Wallet Technology' and is going to install it in its vehicles after the testing phase is over.
According to Financial Express, owners of vehicles will be able to earn IOTA coins by completing certain tasks or actions. For example, agreeing to share data related to accidents and traffic congestion or road conditions to navigation providers (like Google Maps or Wayz) or to local authorities.
Additionally vehicle owners will be able to earn IOTA coins on the side by participating in a ride sharing program. These coins or tokens can be used to pay tolls, parking charges, and also as payment for charging electric variants. Jaguar Land Rover says the goal of this program is to achieve zero emission, zero accidents, and zero congestion.
Jaguar Land Rover is a subsidiary of Tata Motors, and they are not the only manufacturer looking for and developing blockchain applications. A number of global manufacturers are exploring this technology and looking for ways in which to use them to meet their needs.
The company says they are testing this technology and the new application, at their state-of-the-art engineering base at Shannon, Ireland. JLR has said they have started equipping some of their vehicles with the 'Smart Wallet' technology. Vehicles that feature it are the Jaguar F-Pace and the Range Rover Velar. They also said that they do not know when this tech will be available for commercial use.
The IOTA token is based on a distributed ledger technology that enables people and machines to transfer money and data without any transaction fees. In statement to Reuters, Dominik Schiener, Co-founder, Sifter, and Co-Chairman, IOTA, said, "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."
Thoughts About Jaguar Land Rover Helping Customers Earn Cryptocurrency
What a brilliant idea. Earn some currency while you drive, and spend it on parking and toll fees. This is fantastic. Jaguar Land Rover is thinking beyond just the company. Very very cool. While India allows for trading in cryptocurrency, there are no regulations in place. Also one's bank accounts are at risk while trading cryptocurrencies. We wonder if the government will be smart enough to allow this, or if JLR will be smarter and find a way around it. Let's see.