The UK's largest car manufacturer, Jaguar Land Rover, tests software that rewards drivers for data sharing. With "smart wallet" technology installed in their vehicles, drivers will receive the IOTA encryption currency for automatic reporting of traffic and road data.
Monetize your management
According to the New York Times, the company is testing software in one of its facilities in Ireland. Engineers equipped the "smart wallets" with vehicles, including the Jaguar F-PACE and Range Rover Velar. By allowing automatic data sharing, the driver can receive IOTA rewards while they are on their daily ride.
In addition to reporting useful information, such as traffic conditions and potholes for companies visiting navigation systems and local authorities, drivers could earn credits for participating in a ride sharing system.
Drivers will be able to use the rewards to pay for coffee, road tolls, parking and electric charging stations, according to Jaguar. This combined data sharing ecosystem is part of the Destination Zero vision: zero accidents, zero congestion, zero emissions.
Jaguar Land Rover said it currently has no timetable for commercially deploying this technology into its vehicle assembly.
Banking For The Internet Of Things
IOTA charges (and is called) as a decentralized symbol for the Internet of Things. As more devices are connected and communicate with each other, there is a need for payment providers. IOTA aims to be a standardized settlement system for machine payments (m2m).
Rather than blockchain, IOTA uses a distributed book technology called "Tangle." This overcomes some of the inefficiencies of traditional blocks and allows the transfer of tokens and / or data without charge.
IOTA co-founder Dominik Schiener explained that smart wallet technology could easily be adapted to all new vehicles:
IOTA wants to allow interoperability with all these different players. There is no Jaguar coin, no BMW coin, but one universal chip for this machine economy.
The IOTA Prize jumped 15 percent after Jaguar Land Rover announced, from $ 0.27 to $ 0.31.
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Pictures courtesy of Jaguar Land Rover.