Jaguar Land Rover, Britain’s largest auto manufacturer, has announced on Monday, the development of ‘smart wallet’ in-vehicle software and has partnered with a major cryptocurrency aimed at the Internet of Things Application. This will allow car drivers to earn cryptocurrency and make payments on the move. Once installed, the technology will enable drivers to earn rewards in form of IOTA cryptocurrency for reporting useful data such as traffic congestion, road hazards, road closures and emergency incidents, potholes to navigation providers or to local authorities, which will help the authorities alert other car drivers using the effected route. This data is prove beneficial to avoid accidents and also to achieve zero emission and congestions.
Drivers can also earn rewards if the car participates in a ride-sharing program, which could be also be used for paying toll, parking and as a medium of charging for electric cars. The software is yet in its testing phase, Jaguar F-Pace and Range Rover Velar are the first cars that the software is been installed for the trial. Jaguar Land Rover software engineering which is based in Shannon, The Republic of Ireland are conducting these trials in several other models including Jaguar F-Pace and Range Rover Velar. This testing phase for Smart Wallet Software is only underway in the United Kingdom.
Jaguar Land Rover has collaborated with a German non-profit the IOTA Foundation, which will help them handle businesses and establish digital technology, to provide currency and to make the payments process using its disrupted ledger technology, which is like the blockchain which enables cryptocurrency transaction. It is forecasted that there will be 75 billion devices to be connected to the smart wallet network by 2025. IOTA co-founder, Dominik Schiener shared his thoughts that there would be a universal coin that could be used by all new vehicles to enable the machine economy of the future.