In an effort to improve the situation on the roads, U.K-based car manufacturer Jaguar Land Rover (JLR) is experimenting with smart wallet technology that will enable auto enthusiasts to be rewarded in the form of IOTA cryptocurrency for various actions like reporting traffic jams, potholes, accidents etc. to responsible local authorities.
JLR revealed that it has made a partnership with IOTA Foundation, a company behind IOTA, to support blockchain tech in carrying out particular transactions. The blockchain technology possesses the potential to enable machine-to-machine transactions.
The smart wallet software will be effectively integrated with its cars. The firm is currently experimenting with the technology at its new JLR soft engineering site located in the Republic of Ireland. JLR’s engineers have started creating and developing features in different car models such as Jaguar F-PACE, Range Rover, and others.
Any car that takes part in a ride-sharing program will enable its drivers to be rewarded, and the cryptocurrency can be utilised in paying fees for parking, charging electric cars etc. In fact, IOTA plans to create interoperability with all the various great actors.
A variety of car manufacturing firms including BMW, Ford Motors, Volkswagen, Renault etc. are delving into cryptocurrency, Bitcoin, blockchain and distributed ledger technology applications with the aim of leveraging innovations to fully meet various common needs of their users.
However, JLR has not set the exact time and date when this new product will be officially put in the market for commercial purposes.
IOTA crypto transactions are fees free. The digital asset is ranked the 15th by market cap. The cryptocurrency is being traded on multiple exchange platforms. Following this initiative by Jaguar, the price of IOTA has recorded a significant increase of more than 10% in just 24 hours as to coinmarketcap data.
These technologies being developed will transform the company into a blockchain technology giant. When the technology becomes mature in the future, we could see cars driving themselves to the charge station, recharge and pay and their owners could earn by informing other vehicles of the traffic jams on the roads.
The automotive industry explores innovative technologies as they obviously see the potential of them. For instance, in Italy ACI and EY are working on the blockchain-related project to create a digital vehicle dossier to enable certify the life cycle of the car via their notarization. The App will be available to all users and will enable the user to connect to the whole automotive ecosystem and ease the exchange of important information in a safe environment.