- Jaguar has become first automobile company to roll out a rewards program in cryptocurrency with the help of IOTA
- The new Jaguar Land Rover ‘Smart Wallet’ technology utilizes the IOTA Tangle for data and value transfer
- This contributes to Jaguar Land Rover’s “Destination Zero” vision to avoid accidents, congestion and emissions in the future of mobility
Prominent British automobile company, Jaguar Land Rover has become one of the first automobile company to roll out a rewards program that pays out drivers in cryptocurrency.
On April 29, blockchain startup IOTA said in a press release that it has partnered with Jaguar Land Rover to introduce a “smart wallet” technology software in newer models of its broadly used vehicles.
“OTA Foundation is excited to announce our partnership with Jaguar Land Rover and unveil the advanced connected vehicle and integrated ‘Smart Wallet’ project that has been developed by Jaguar Land Rover at the Shannon R&D facility, Ireland”, proclaimed the Official IOTA Blog.
It is interesting to see the ways by which rewards will be give out. For instance, drivers on a trip can earn IOTA tokens by allowing automated reporting of useful data such as traffic congestion and potholes. Additionally, drivers can earn IOTA tokens by participating in a ride-sharing program which Jaguar Land Rover will likely reveal further details about after the pilot.
“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,” said Dominik Schiener, IOTA co-founder and co-chairman of the board when talking about IOTA’s possible application in the automobile industry.