The UK’s largest car manufacturers, Jaguar Land Rover, said on Monday (April.29th) that it is testing software that will allow drivers to earn IOTA cryptocurrency in exchange for sharing their data, according to a Reuters report.
The car manufacturer is developing a “smart wallet” software to be installed in its vehicles. In order to earn IOTA coins, drivers would need to enable data reporting, such as traffic congestions or potholes to navigation providers or local authorities.
In addition, rewards will also be available to drivers if their car is involved in Jaguar’s riding-sharing program, the company said. The tokens that they earn can also be used for pay for tolls, parking and charging for electric cars.
The main objective was to “achieve zero emissions, zero accidents, and zero congestions,” the company said.
Jaguar Land Rover
Jaguar is testing the technology at the new Jaguar Land Rover software engineering base in Shannon, Ireland. The technology has already been installed on several of their vehicles, including the Jaguar F-PACE and Range Rover Velar.
However, there is no timetable for when it will be commercially available, the company said.
The IOTA token is based on a distributed ledger technology that allows consumers to and machines to transfer money and data without any transaction fees.
“The smart wallet technology … can be easily adapted into all new vehicles,” Dominik Schiener, IOTA co-founder and co-chairman of its board, told Reuters.
“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,” he added.