UK-based automobile giant, Jaguar Land Rover (JLR) is planning to offer cryptocurrency as rewards in exchange of driving data to the owners of its vehicles, as reported by CNBC on Monday. The plan which is currently in its testing phase includes the installation of the internet of things (IoT) sensors and the use of IOTA’s DLT titled “Tangle” and “smart wallet” technology in the vehicles to make the whole idea work.
The IOTA Foundation, a German NPO that has its own DLT which allows it to handle crypto payments for other businesses and build their digital protocols, is helping JLR in the endeavor.
The Idea Behind the Project
While the IoT sensors would gather data such as weather, navigation, road conditions, and even accidents and transmit it over Tangle to the concerned authorities, the smart wallet would store the driver’s crypto earnings which in this case would be in the form of IOTA tokens, each of which according to Reuters is valued at 27 U.S. cents.
The multipurpose smart wallet will do much more than just store crypto. It would also allow drivers to pay for everyday items and services like coffee and vehicle charging. In case, the wallet runs out of credit; it can also be easily recharged via traditional payment systems.
Details from the Testing Unit
As mentioned above, the plan is currently being tested in Shannon, Ireland where the company has already equipped several of their models, like the Range Rover Velar and Jaguar F-PACE with the tech.
Commenting on the matter JLR’s executive director of product engineering, Nick Rogers said, “Our Shannon software development center is advancing the use of cryptocurrency to make people’s lives better, by allowing drivers to safely share data and make payments from their vehicle.” JLR hopes to use this data to better the experience of its customers and this project, if successfully executed, would mean a serious boost to the cryptocurrency community in general.