Prestigious Jaguar Land Rover has announced that it is currently testing software which will enable drivers of its vehicles to earn IOTA coins as a reward for sharing driving data.
The company is not only Britain’s largest but one of its last auto manufacturers, as many UK companies have been taken on by overseas companies in recent decades. Britain has now predominantly become the manufacturing home of supercars such as Aston Martin rather than cars for the people.
Jaguar Land Rover wants to change this and to seal their place in the industry worldwide as the archetypical British mark by combining the badge with the latest technology available. To this end, the company wants to install “smart wallet” technology into its vehicles which would enable drivers to earn crypto rewards as they drive.
In an attempt to cut down on congestion, which has become a huge problem in the UK, drivers would receive IOTA coins for reporting useful data such as traffic congestion or road defects to sat navigation providers or local councils. This would be through an automatic system loaded into the vehicle’s computer system.. The tokens could also be issued as rewards for car sharing, which could then be used for paying tolls, parking and charging for electric cars.
This is not the first time that IOTA has dipped into feet into the lucrative waters of the automobile industry. Last year Volkswagen integrated IOTA Tangle technology into its autonomous cars and displayed proof of concept at the 11 June 2018 Cebit Expo in Germany, demonstrating the usefulness of cryptographic technology in the cutting-edge futuristic world of self-driving vehicles.
By using IOTA, Volkswagen can wirelessly send updates to its autonomous cars on a transparent, immutable ledger. This cryptographically secures updates, preventing tampering, and allows the public to review updates which increases trust and credibility. It is expected that by 2020, there will be 250 million autonomous cars, which will require frequent updates.
Although not available yet, the latest “smart wallet” system is currently being tested on the Jaguar F-PACE and Range Rover Velar at the company’s engineering plant in Ireland.
Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews
Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.
Image Courtesy: Pixabay
The post Jaguar Land Rover and IOTA Hook Up for Crypto Rewards Scheme appeared first on BitcoinNews.com.