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Jaguar Land Rover Unveils Plans to Launch a Crypto Reward System

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Jaguar Land Rover Partners with IOTA

Britain’s leading vehicle manufacturer, Jaguar Land Rover unveiled that it had joined hands with IOTA to test a crypto reward program. The two firms are gearing up to trial software that would see Jaguar drivers earn IOTA tokens. In exchange for the tokens, the drivers would have to share data about navigation, traffic congestion or potholes, and road conditions. The drivers can also earn tokens for taking part in ride-sharing programs.

According to a report, Jaguar is creating “Smart Wallet” technology. The firm seeks to add this technology in its new vehicles. These Smart Wallets would store the tokens that a driver earns. Drivers can then use their IOTA to pay for services such as road tolls, parking, and electrical charging for electric cars. The firm noted that this move seeks to achieve zero emissions, zero accidents, and zero congestion.

The luxury vehicle brand revealed that it is testing this technology at its new Jaguar Land Rover software engineering base in Shannon, Ireland. The engineers at the station are adding the technology to cars such as the Jaguar F-PACE and Range Rover Velar. The firm did not unveil when this project will be commercially available.

According to Dominic Schiener, the co-founder and co-chairman of IOTA, all new vehicles can use the Smart Wallet technology. He stated that IOTA seeks to bring interoperability in the automobile space. In so doing, Dominik believes there would be no Jaguar coin or BMW coin, but a universal token that can be used by all industry players.

IOTA Registers Gains Following Partnership News

The news of Jaguar Land Rover and IOTA teaming up has seen the IOTA token gain 18.07 percent over the past 24 hours. As at the time of writing, the coin is changing hands at $0.3209. IOTA’s trading volume also tripled to hit $30 billion.

Other Blockchain Uses in the Auto Industry

The blockchain technology is mostly used in the financial sector. However, the technology has a lot of use cases that the general public is yet to realize. In the automobile industry, the blockchain can help keep the blueprints of cars on immutable and transparent ledgers. It can also help engineers pinpoint which car models have technological problems or flaws in their designs. On top of this, the blockchain can help track which drivers are driving too fast, monitor delivery chains, and the average time consumed between specific points.

Do you think Jaguar Land Rover’s move to award helpful drivers will help reduce traffic congestion in cities? Let us know in the comments below

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