Britain’s largest auto manufacturer, Jaguar Land Rover is teaming up with the IOTA Foundation to allow drivers to earn cryptocurrency for sharing useful road condition data.
The automaker is testing its "Smart Wallet" technology at its new software engineering base in Shannon, Ireland where vehicles such as the Jaguar F-PACE and Range Rover Velar have already been equipped with the technology, reports Reuters.
By sharing information such as traffic congestion or potholes to navigation providers, drivers will earn IOTA which in turn can be spent on road tolls, parking, or fees for charging electronic vehicles.
The Smart Wallet tech will play a role in the larger internet connected car services being explored by Jaguar Land Rover. This makes a very fitting partnership with IOTA's goal of enabling all internet connected devices through truth verification and incentivizing transactional settlements to make available its data in real time.
“Our Shannon software development center is advancing the use of cryptocurrency to make people’s lives better, by allowing drivers to safely share data and make payments from their vehicle," Nick Rogers, Executive Director of Product Engineering at Jaguar Land Rover said. "Working with our engineering hub in the UK, the team in Shannon are pioneering and testing these sophisticated connected technologies that will help people to make the most of the time they spend in their car."
Jaguar Land Rover Software Architect, Russell Vickers painted a futuristic picture of where this type of technology could lead.
“The connected car technologies we are developing will be transformative and truly turn your Jaguar or Land Rover into a third space, in addition to your home or office," Vickers explained. "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.”
In the wake of the Monday morning headlines, the price of the IOTA cryptocurrency spiked over 20%. It has since landed at $0.295128 USD at the time of writing after touching .34 cents on some exchanges.
$IOTA getting some positive price action today. Nothing substantial, still in a downtrend. Maybe IOTA will be one of the first to show us that alt season is back on#crypto #Bitcoin #cryptocurrency pic.twitter.com/1fPlAAZbU9
— My Crypto Journal (@TheCryptoJourn) April 29, 2019
Cryptocurrency investors are constantly looking for signs of real-world adoption to capsulize their belief that cryptographic digital assets are going to play a huge role in the future economy.
When considering Jaguar Land Rover sold 592,708 vehicles in 128 countries in 2018, this type of news is enough to satisfy the believers and also likely bring the biggest crypto doubters on board the train.