Shefi Ben-Hutta
Editor at Coverager
IOTA Foundation JLR

Earn As You Drive with Jaguar

Drivers will be able to earn cryptocurrency and make payments on the move using connected car services being tested by Jaguar Land Rover.

Using ‘Smart Wallet’ technology, owners earn credits by enabling their cars to automatically report useful road condition data such as traffic congestion or potholes to navigation providers or local authorities. Drivers could then redeem these for rewards such as coffee, or conveniently use them to automatically pay tolls, parking fees and for smart charging electric vehicles. ‘Smart Wallet’ removes the need for drivers to hunt for loose change or sign up to multiple accounts to pay for a variety of everyday services.

‘Smart Wallet’ uses cryptocurrency technology and Jaguar Land Rover has partnered with the IOTA Foundation to harness ‘distributed ledger’ technologies to make and receive these payments. Unlike other similar systems, due to its structure, it requires no transaction fee to operate and over time transactions will get faster across the entire network, forecast to include some 75 billion connected devices by 2025.

Bottom Line: Not without its critics.

 

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