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Helpful Drivers Of Jaguar Land Rover Could Earn Cryptocurrency

Helpful Drivers Of Jaguar Land Rover Could Earn Cryptocurrency
United Kingdom’s largest auto maker Jaguar Land Rover (JLR) intends to allow drivers of its cars to earn the IOTA cryptocurrency as a reward for them allowing sharing of their data. the company announced this and said that it is carrying out a test for a software for this purpose.
“Smart wallet” is the name of the technology, one that the company is developing, that has been given by JLR. The technology is planned to be installed in the vehicles that it manufactures. The drivers of the vehicles fitted with this new technology would be rewarded with IOTA coins for sharing of their actions such as allowing the automatic reporting of useful data of their vehicles such as traffic congestion or potholes. Such data and information would be sent to navigation providers or local authorities.
JLR said that drivers of those cars who participate in a ride-sharing program would also be given the reward. The cryptocurrency that the drivers thereby earn can be put to use for making payments for things like making payment for tolls, parking and for the charging for electric cars.
The company said achieving “zero emissions, zero accidents, and zero congestion” is the ultimate aim of the program and the technology.
Different aspects of blockchain applications are being considered and examined by global car companies as they are attempting to find out the best manner in which the technology can be used by them to suit the varied needs of the companies. Blockchain is the technology that is essentially a shared database that is maintained by a network of computers connected to the internet and also forms the basis of the system that generates and allows transactions of cryptocurrencies such as bitcoin.
The new Jaguar Land Rover software engineering base in Shannon, Ireland, is the place where the British car company is testing the technology. According to the company, a number of cars have already been installed with the software. The company said that “smart wallet” features have already been installed in vehicles such as the Jaguar F-PACE and Range Rover Velar.
Jaguar, a subsidiary of India’s Tata Motors, said however that currently no time line can be provided by it about when the technology would be made available commercially.
A distributed ledger technology forms the basis of the IOTA token. This technology allows its users and machines for transferring of money and data without the need for any transaction charges. IOTA was last values at 27 U.S. cents per token and is traded on on digital asset exchanges.
“The smart wallet technology ... can be easily adapted into all new vehicles,” Dominik Schiener, IOTA co-founder and co-chairman of its board, told Reuters on Friday. “IOTA wants to enable interoperability with all these different players. So there is no Jaguar coin, no BMW coin, but one universal token for this machine economy,” he added.

Christopher J. Mitchell

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