In line with a recent official ‘press-release‘ published, U.K. based leading automobile manufacturer namely ‘Land Rover’ would use ‘blockchain‘ network ‘Iota’ to reward drivers with cryptocurrency for data reporting.
Within a thought to collect better information on road conditions and vehicle performance, Jaguar would be distributing Iota’s Iota tokens to Smart Wallets tied to participating drivers.
The drivers thereafter would be able to redeem them for several products together with road tolls and even coffee, Jaguar added.
“In the long-run, an autonomous car might drive itself to a charging station, recharge and pay, whereas its owner may opt to participate within the sharing economy – earning rewards from sharing helpful information like warning other cars of traffic jams,” Russell Vickers, a software architect at the firm, commented within the official press-release.
This recent collaboration with Iota forms a part of Jaguar’s Destination Zero scheme, that aims to tackle accidents, congestion and emissions among the automotive ecosystem.
Iota has almost hiked over ‘20%‘ within the past 24 hours to the reporting time, after the announcement of this partnership.
Explaining further, Iota’s head of partnerships, Holger Köther, added:
“Our DLT [Distributed Ledger Technology] is absolutely suited to enable machine-to-machine payments for smart charging, parking and tolls, additionally making opportunities for drivers to earn their own currencies”.
Just earlier this month, South Korean leading car manufacturer Hyundai ‘opted to use‘ blockchain-related technology to link its electrical vehicles with drivers’ smartphones.