Jaguar Land Rover Partners With Iota For Crypto Rewards Program
United Kingdom car manufacturer Jaguar Land Rover has employed blockchain network Iota to offer rewards in cryptocurrency to drivers for data reporting, as confirmed by the companies in a press release on April 29.
Our innovative ‘Smart Wallet’ technology will let drivers earn cryptocurrency on the go! See the technology in action at our Software Engineering Centre in Shannon.#ConnectedTechnology #SmartCity #IOTA pic.twitter.com/vQaUOk71t2
— Jaguar Land Rover (@JLR_News) April 29, 2019
A key idea behind the plan is to gather better information on road conditions and vehicle performance, for which Jaguar will distribute Iota’s Iota tokens to Smart Wallets tied to participating drivers. The drives could redeem their rewards for various products including road tolls and even coffee, as stated by Jaguar.
Russell Vickers, a software architect at the company, commented in the press release.
“In the future an autonomous car could drive itself to a charging station, recharge and pay, while its owner could choose to participate in the sharing economy — earning rewards from sharing useful data such as warning other cars of traffic jams.”
The partnership with Iota is a part of Jaguar’s Destination Zero scheme, that aims at tackling accidents, congestion and emissions within the automotive industry. Following the announcement, Iota has jumped almost 20% in the 24 hours as of press time on Monday.
Iota’s head of partnerships, Holger Köther, added:
“Our distributed ledger technology is perfectly suited to enable machine-to-machine payments for smart charging, parking and tolls, in addition to creating opportunities for drivers to earn their own digital currency.”
In related news, South Korean car manufacturer Hyundai had opted to use blockchain-related technology to pair its electric vehicles with drivers’ smartphones.
Image Source – Jaguar Land Rover