IOTA, the open-source distributed ledger, has partnered with UK car manufacturer Jaguar Land Rover to reward drivers with cryptocurrency for sharing data.
The partnership comes as part of Jaguar Land Rover’s ‘Destination Zero’ vision—a plan to work towards eliminating accidents, congestion, and emissions—and incorporates ‘Smart Wallet’ technology to allow vehicles to automatically report traffic congestion or pothole data to reduce congestion.
Drivers who enable the Smart Wallet feature are rewarded with the IOTA cryptocurrency, which can be redeemed for rewards, or used to automatically pay tolls, parking fees, and charging.
The technology is currently being tested at a new Jaguar Land Rover software engineering facility in Shannon, Republic of Ireland. The Jaguar F-PACE and Range Rover Velar are among the first vehicles to be equipped with Smart Wallet capabilities.
IOTA Foundation’s Director of Partnerships, Holger Köther, told a press release on Monday:
“Our distributed ledger technology is perfectly suited to enable machine-to-machine payments for smart charging, parking and tolls, in addition to creating opportunities for drivers to earn their own digital currency. We are excited to partner with Jaguar Land Rover in implementing its IOTA-powered car wallet, delivering a major convenience benefit for their customers worldwide.”
Jaguar Land Rover is the UK’s largest car manufacturer, boasting almost 600,000 vehicles sales across 128 countries in 2018.
Not a Blockchain
IOTA prides itself on its innovative ‘Tangle’ model. Unlike blockchain models that offer incentives for block validation; in order to make a transaction in the Tangle, two previous transactions must first be validated. This results in a secure, scalable network with feeless transactions—the more participants in the Tangle, the faster transactions are confirmed.
IOTA estimates that the number of connected devices will reach 75 billion by 2025; from sensors on roads and bridges, to mobile phones, wearable electronics, and more. Indeed, the partnership with Jaguar Land Rover is a giant step towards achieving this vision.