IOTA Foundation and their crypto project, IOTA (MIOTA), have been a go-to solution for numerous carmakers who wanted to enter the world of crypto and blockchain. Now, another car developer seems to have caught the crypto fever — the UK-headquartered Jaguar Land Rover, and like others before it, it decided to team up with IOTA to start a new project.
Jaguar Land Rover’s new initiative
As mentioned, Jaguar Land Rover has a new project in mind — one that might help cryptocurrencies reach entirely new heights. The company is currently in the process of testing smart wallet technology which will allow drivers to earn digital currencies while driving a car. The concept is rather simple — drivers will drive their vehicles, and gather data about road and traffic conditions. Such data will be shared in real time with local authorities or navigation providers, and in exchange, drivers will receive digital currencies for their contribution.
Of course, this will only include drivers who do not mind sharing this information. Once they receive the funds in crypto, they can use the money for making various small payments, such as paying tolls, or parking meters, purchasing a cup of coffee, or paying for electricity at charging stations.
As mentioned, Jaguar Land Rover is already testing its new software, and to do it, it went to Shannon, Ireland. The company is also pushing strongly towards beating Elon Musk’s Tesla when it comes to electric cars.
Meanwhile, the crypto community has started reacting to the news via Twitter.
BREAKING: Jaguar Land Rover has partnered with IOTA to enable car owners & drivers to earn cryptocurrency.
We’re talking digital wallets, tokens, and an entire ecosystem.
THE VIRUS IS SPREADING 🚀
— Pomp 🌪 (@APompliano) April 28, 2019
#IOTA is paving the road for mass adoption together with @jaguar #IOTAstrong #smartmobility #smartcar "ON THE MONEY: EARN AS YOU DRIVE WITH JAGUAR LAND ROVER" - Cara Harbor https://t.co/hi8uk0QBLu pic.twitter.com/JHWlkTz8Cp
— Daniel Stricker (@dantherealm4n) April 29, 2019
Partnership with IOTA
With Jaguar Land Rover already working on the software, the company decided to turn to IOTA and its distributed ledger tech that will be combined with the smart wallet in order to receive and send payments. There will, reportedly, be no transaction fees, and payments will be faster and faster as the new technology gets perfected and continues to evolve.
Russell Vickers, a Software Architect at Jaguar Land Rover, sees this as only a beginning of greater things to come. According to him, in the future, it might be possible for self-driving cars to drive themselves to the closest charging stations, recharge, and pay via crypto. Meanwhile, the car’s owner would be able to earn crypto by enabling data collecting and transmitting while the car does the driving.
Holger Kother of the IOTA Foundation commented that the company’s technology is perfectly suited for this purpose — to allow machine-to-machine interaction and payments, for things such as parking, smart charging, tolls, and more.
The company and its Tangle distributed ledger technology have been making headlines for a long time now. As mentioned earlier, IOTA has been a go-to project for carmakers who were interested in getting involved with DLT and crypto, and the project is also heavily involved with the Internet of Things.
The continuous activity in the self-driving car industry is likely to make IOTA a priceless coin once the trend kicks off, and the project has a high probability of climbing through the ranks in years to come. The project is doing well already, being the 15th largest cryptocurrency with a market cap of $852.44 million at the time of writing. But, with projects such as this one — its use cases are about to expand significantly, and its price is likely to follow.