Jaguar Land Rover, one of the most renowned names among the luxury vehicle producers has confirmed that they are working towards building an in-vehicle smart cryptocurrency wallet. The aim of the wallet is to create a decentralized incentive programme where the drivers would be paid in crypto for sharing crucial data like traffic congestion, road hazards, road closures, and emergency incidents.
Apart from getting the crypto incentive for crucial data sharing, the drivers can also earn some rewards for sharing their ride with other commuters. The testnet for the smart cryptocurrency wallet is currently underway in the UK. The two vehicles that are going to be used in the testnet is Jaguar F-PACE and Range Rover Velar.
What Cryptocurrency Blockchain Jaguar is Going to Use for its Wallet
The blockchain platform that the car manufacturer is going to leverage for its smart crypto wallet is going to be IOTA. IOTA is currently trading over 25 cents on the CoinMarketCap. The main reason behind choosing IOTA is its smart contracts which can be easily implemented on almost all the new vehicle’s software that come out after the successful trial period.
IOTA co-founder, Dominik Schiener said that they are hoping to make the IOTA cryptocurrency compatible with almost all the smart vehicles in future, and hopefully the majority of the vehicle manufacturers will also adopt the technology whenever the need arrives.
IOTA aims to make their network interoperable with different manufacturers to develop a system which can be used by one and all. Looking at the crypto space there are thousands of crypto tokens, with each serving a specific purpose of their own. Thus, the goal is to create a universal system which would serve not just Jaguar, but any car manufacturer looking to incorporate crypto smart wallets and incentives.
Dominik Schiener said,
“So there is no Jaguar coin, no BMW coin, but one universal token for this machine economy.”
Jaguar Land Rover currently has around 50,000 employees around the globe and its last year revenue stood at US$25.8 billion. The move of adopting a crypto incentive programme by the firm can start a new era where other car manufacturers can follow the suite. The news also created quite a buzz on social media where many said that looking at the interest of Elon Musk, Tesla might also start a similar programme but would do it better.