Jaguar Land Rover plans to allow useful car drivers to earn cryptocurrency

(Reuters) – Jaguar Land Rover, the UK's largest automaker, said on Monday that software testing allows drivers in the cars to earn IOTA cryptocurrency as a reward for sharing data.

The logo of the British manufacturer Jaguar is seen on a Jaguar F-Pace SUV car in Zurich, Switzerland August 10, 2017. REUTERS / Arnd Wiegmann

The company is developing what it calls "smart wallet" technology to be installed in their cars. This will reward Jaguar drivers with IOTA coins for actions that allow their vehicles to automatically report useful data such as traffic load or potholes to navigation providers or local authorities.

Drivers can also earn prizes if the car participates in a ride sharing program, Jaguar said. The earned symbols can be used to pay for customs, parking and charging for electric cars.

The overall goal was to "achieve zero emissions, zero accidents and zero load," the company said.

Global car companies are exploring blockchain applications, deciding different ways they can exploit the technology to meet their different needs. Blockchain, the system that runs cryptocurrencies like bitcoin, is a shared database maintained by a network of computers connected to the internet.

The British car company is testing the technology of the new Jaguar Land Rover software in Shannon, Ireland, where engineers have already fitted several cars, including the Jaguar F-PACE and Range Rover Velar, with "smart wallet" features, the company said.

It does not have a timetable for when it comes commercially available, said Jaguar, a subsidiary of Tata Motors.

The IOTA token is based on distributed management technology that allows people and machines to transfer money and data without transaction fees. IOTA trades on digital real estate exchanges and was last at 27 US cents per token.

"The smart wallet technology … can easily be adapted to all new cars," said Dominik Schiener, co-founder of IOTA and co-chairman of the board, Reuters Friday.

"IOTA will enable interoperability with all these different players. So there is no Jaguar coin, no BMW coin, but a universal token for this machine economy," he added.

Reporting by Gertrude Chavez-Dreyfuss in New York, Editing by Rosalba O & # 39; Brien

Our Standards: Thomson Reuters Trust Principles.

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