IOTA partners with Jaguar Land Rover!

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Today, judging by IOTA’s Twitter and Medium posts, IOTA has partnered with Jaguar Land Rover. The car manufacturer is testing IOTA’s technology to implement IOTA within their cars.

“Drivers will be able to earn cryptocurrency and make payments on the move using innovative connected car services being tested by Jaguar Land Rover.”

Earn cryptocurrency while driving

With this partnership, IOTA and Jaguar Land Rover have come up with a new “Smart Wallet” technology. This technology will allow users to earn cryptocurrency while on the go. They call it “credits” (the crypto that users will earn). Users can earn credits by sharing information about traffic and specific road conditions. Afterward, the users use these credits to pay for tolls, parking, and electric charging. It sounds like the user won’t have to do any additional operations with the car. Users will just have to enable this feature on their car. Then the cars will automatically report useful information to navigation providers or local authorities.

“’Smart Wallet’ removes the need for drivers to hunt for loose change or sign up to multiple accounts to pay for a variety of everyday services.”

Why exactly IOTA?

Jaguar Land Rover says that they specifically chose to partner with the IOTA Foundation to “harness “distributed ledger” technologies to make and receive payments”. They say that IOTA offers no transaction fees which makes this easier to operate with. Also, they anticipate that these car-to-car transactions will get faster by time. Their overall forecast is 75 billion connected vehicles by 2025.

Jaguar Land Rover’s Destination Zero strategy

The car manufacturer aims to achieve zero emissions, zero accidents, and zero congestion. They say that one part of this goal is to develop a shared economy where the “vehicle will play an integral role as a data gatherer”. They believe that with this new technology, traffic congestion will reduce which comes together with tailpipe emissions.

Russel Vickers, Jaguar Land Rover software Architect says: “[…] 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.”

Jaguar Land Rover is the UK’s largest automotive manufacturer. In 2018 Jaguar Land Rover sold 592,708 vehicles in 128 countries. From 2020 all new Jaguar Land Rover vehicles will offer the option of electrification, giving their customers even more choice.

Source:

https://blog.iota.org/jaguar-land-rover-fc7f6b029053

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