If debuted, car owners would be compensated for providing driving info and the crypto could be used for paying toll fees, parking charges and electric car charging using the cryptocurrency.
The high-end car manufacturer is designing and creating “smart wallet” software to be fitted in the upcoming car versions.
Two new vehicles, namely Jaguar F-PACE and Range Rover Velar, were already mounted with the systems. Once installed, the car will also instantly transmit useful information such as potholes, traffic jams, and car performance.
Drivers could also reap rewards from a car-sharing scheme. Unlike Bitcoin, which utilizes a blockchain data structure, IOTA uses a directed acyclic graph (DAG) to accomplish scalability and large volume of transaction processing capability.
The crypto is often praised for internet-of-things (IoT) related programs. Jaguar Land Rover, the British multinational automotive company owned by Indian company Tata Motors, is trialing an IOTA-supporting wallet at its technology base in Shannon, Ireland, where Jaguar F-PACE and Range Rover Velar are equipped with the software. The company is yet to disclose the software release date.
Regarding smart wallet technology, Dominik Schiener, IOTA co-founder, said
“The smart wallet technology… can be easily adapted into all new vehicles… IOTA wants to enable interoperability with all these different players. So there is no Jaguar coin, no BMW coin, but one universal token for this machine economy.”
A year before, in the Netherlands, IOTA teamed up with ElaadNL to allow cryptocurrency payouts for charging points. Using IOTA’s adaptive Artificial Intelligence, it also formed alliances to build up an unmanned parking facility. In the US alone, IOTA formed considerable collaborations in the $250 billion industry.
Audi, Volkswagen, and Jaguar are the world’s largest car manufacturers. IOTA builds an environment of payouts and smart contract deployment in the automotive sector. Smart contract applications and usefulness eclipses creative thought.
Following the news release, the price of MIOTA has rallied 17% in the past 24 hours to trade at $0.3060.