Jaguar Land Rover Will Pay Drivers Cryptocurrency for Data

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Jaguar Land Rover Will Pay Drivers Cryptocurrency for Data

We often hear about the effect that upcoming technology will have. Blockchain, distributed ledgers, data collecting, and the internet of things (IoT) are all going to revolutionize the world. However, it might be difficult to grasp the notion at times. However, Jaguar Land Rover made an announcement yesterday that gave us a glimpse of what that future may look like.

Jaguar Land Rover, owned by India’s Tata Motors, has announced a partnership with the IOTA Foundation, a distributed ledger non-profit, to enable drivers to earn cryptocurrency and make payments while on the road.

The following is how it would work: “By permitting their vehicles to automatically send important road condition data such as traffic congestion or potholes to navigation companies or local authorities, owners receive credits using ‘Smart Wallet’ technology.” Drivers might then “redeem these [credits] for incentives such as coffee, or easily utilize them to automatically pay tolls, parking fees, and for smart charging electric cars,” after earning credits for providing this data.

All of this is part of Jaguar Land Rover’s Destination Zero plan, which aims for “zero emissions, zero accidents, and zero congestion.” According to Jaguar, this collaboration takes them closer to this aim by improving the vehicle’s position as a “data gatherer in the smart city of the future.”

Data collection and sharing from each car, for example, would “encourage a decrease in congestion by the exchange of live traffic information and suggesting alternate routes to drivers, lowering tailpipe emissions from idle traffic.”

The technique is being tested at the company’s software engineering headquarters in Shannon, Republic of Ireland.

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The collaboration looks to be a windfall for IOTA, a non-profit dedicated to harnessing distributed ledger technology to activate the Internet of Things (IoT). IOTA’s cryptocurrency has been “troubled…in part owing to its technical team’s distance from the Bitcoin and Ethereum ecosystems, and in part due to its overly ambitious narrative,” according to fintech entrepreneur and futurist Lex Sokolin.

As a result, “it is pretty exciting to see that IOTA has been able to build a collaboration and an innovative proof of concept with one of the main car companies.”

While he observed that the breakthrough is “a few steps away from robots paying each other tolls and forming machine economies,” he did state that it is “a significant step towards making our cars smarter and more capable of interacting independently.”

When this feature is coming, though, remains unknown.

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