According to Reuters, on April 29, the UK's largest automaker Jaguar Land Rover announced that the company is testing a "smart wallet" installed in the car. With this wallet, Jaguar Land Rover owners can earn IOTA tokens by sharing data for rewards.
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If Jaguar Land Rover owners allow cars to automatically report useful data (such as traffic jams, potholes) to navigation providers or local authorities, or participate in carpooling plans, they will receive IOTA cryptocurrency. These tokens can be used to pay for tolls, parking fees and charging fees for electric vehicles.
The company stated that its main goal is to “achieve zero emissions, zero accidents and zero congestion”.
Global automotive companies are working hard to explore the application of blockchain technology and look for ways to use blockchain to address demand. The blockchain system is a shared database supported by cryptocurrencies such as Bitcoin and is maintained by a network of computer networks.
Jaguar Land Rover said that the new Jaguar Land Rover software engineering base in Shannon, Ireland is undergoing technical testing, and several cars including Jaguar F-PACE and Land Rover Range Rover have been equipped with the "smart wallet" function.
However, the company said that it has not yet determined when to go public.
IOTA tokens based on distributed ledger technology can transfer funds and data without any transaction costs. Currently, at the Digital Asset Exchange, the price of IOTA is 27 cents per piece.
On Friday, IOTA co-founder and board co-chair Dominik Schiener said:
Smart Wallet… technology can be easily applied to all new cars.
He added that:
IOTA hopes to help different players in the automotive industry achieve interoperability. Therefore, there is no 'Jaguar Coin', no 'BMW Coin', just a generic economic token.