Cryptocurrency and blockchain technology continues to penetrate all industries including car manufacturing. Jaguar Land Rover, which is the largest auto manufacturer in Britain’s, revealed that it is considering rewarding drivers with IOTA cryptocurrency for sharing data through its software.
Jaguar Land Rover Drivers to Earn IOTA Cryptocurrency
Jaguar Land Rover company told the press on Monday that it is in the process of testing a unique software that will allow drivers to share information with other drivers. In return for sharing the data, they will earn IOTA cryptocurrency.
The auto manufacturer is creating a smart wallet technology that will be installed in all its new automobiles. Drivers will earn IOTA cryptocurrency for taking specific actions such as enabling the technology to allow them share data such as potholes on certain roads, navigation tips, local authorities, and other forms of useful data.
There are also reports that indicated Jaguar Land Rover drivers will also get rewards if their car participates in any of the ride-sharing programmes prepared by the company. The tokens earns through the reward program can be used to pay for parking fees, tolls, and even charge electric cars.
The main goal of the company is to achieve zero congestion, zero accidents, and zero emissions through this smart wallet technology.
Car Manufacturing Companies Exploring Blockchain Technology
Other car manufacturing companies from different parts of the world are also exploring usage of blockchain technology. They are looking for ways of improving the quality of their cars and meet the different needs of their customers by leveraging this new technology.
At the moment, blockchain technology powers major cryptocurrencies that are used across the globe such as Bitcoin. The shared database that make it possible for users to send, receive, and mine bitcoin is maintained through a network of computers that are all connected to the internet.
Jaguar Land Rover team is currently testing the applicability and sustainability of this technology in the new Jaguar Land Rover software engineering base located in Shannon, Ireland. Already, the engineers have installed the technology in some of the vehicles such as Range Rover Velar and Jaguar F-Pace.
The specific date when this technology will be made available commercially is yet to be revealed but we are optimistic that it will happen in the next couple of months.
IOTA tokens that drivers of these modern cars will be rewarded with are based on a distributed ledger technology. This technology will make it possible for people and machines to transfer data and money without incurring any transaction fees.
Currently, IOTA tokens are traded on several digital asset exchange platforms and the last time we checked, the price of one token is 27 US cents.
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