Jaguar Land Rover Trialling Blockchain Rewards Programme
High-end British car manufacturer Jaguar Land Rover is renowned for producing some of the world’s top luxury vehicles. However, they have recently begun trialling a crypto rewards system for drivers willing to share road data as they travel.
What are the rewards?
IOTA is an open-source protocol specialising in decentralised payment settlement and secure data transfer. They are a non-profit organisation with a focus on the future “machine economy” and IOT (internet of things). The IOTA token can be used and traded just like any other cryptocurrency.
The manufacturer will be installing “smart wallet” technology into new vehicles, which will be used to store the tokens that people earn. Drivers simply enable the vehicle to share data such as the location of potholes, traffic and other road conditions with local authorities. In doing so, the new cars equipped with these sensors will automatically send data so that owners can earn as they drive.
Jaguar Land Rover aims to “achieve zero emissions, zero accidents, zero congestion” with its new technology campaign. The first new cars to have the technology will be the Jaguar F-PACE and the Range Rover Velar models.
IOTA co-founder Dominik Schiener:
“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”
The IOTA coin has already spiked and is expected to drastically increase in value as new models are brought to market.