Today UK car manufacturer Jaguar Land Rover
announced its Internet of Things (IoT) project with the IOTA Foundation. The firms are developing cryptocurrency style ‘credits’ to be earned by drivers for reporting live data. The credits can be spent automatically for traditionally cash-based driving payments, such as highway tolls.
The partnership is currently developing smart wallets with IOTA’s distributed ledger technology (DLT) framework. They will enable car owners to earn credits by collecting driving condition data, such as potholes and traffic jams, then redeem them to pay for tolls, parking, charging electric cars or even coffee. Credits can also be bought with conventional card payments.
Today’s release claims that vehicles have been successfully equipped with the technology, trialed at the manufacturer’s software engineering center in the Republic of Ireland. The smart wallet project is part of Jaguar Land Rover’s Destination Zero initiative, working towards “zero accidents, zero congestion, and zero emissions”.
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Image Copyright: Jaguar Land Rover
