Jaguar Land Rover has initiated plans that could see drivers rewarded in cryptocurrency when their vehicles share valuable data.
JLR announced on Monday that it was partnering the IOTA Foundation, a German-based non-profit, for the tech and handling of cryptocurrency transactions.
Jaguar Land Rover will use IOTA’s distributed ledger technology and IOTA tokens to reward drivers whose vehicles give automatic reports.
To achieve this, the vehicles will be fitted with the Internet of Things (IoT) sensors and will utilize IOTA’s Tangle to provide automatic data to navigation companies or local authorities.
The useful information being transmitted will encompass issues to do with road conditions or other occurrences that can affect overall use. For such, vehicles will report on things like traffic or the presence of potholes on certain roads.
Cars could also provide details on road accidents or an update on local weather conditions. Navigation providers or local authority personnel will then use the received data to warn other connected vehicles and general road users.
The plan is to use the automaker’s “smart wallet” technology to allow participants to earn cryptocurrency that will then be redeemable for everyday things like coffee. Drivers will also be able to use the tokens to pay for parking or electric charging.
Other than that, users can still go ahead and top up the wallets using traditional payment options.
Currently, JLR is piloting the technology at its software engineering base located in Shannon, the Republic of Ireland.
The automaker’s team at the center has reportedly already integrated several car models with the new technology. Among the vehicles are JLR’s Jaguar F-PACE and the Range Rover Velar.
According to the company’s software architect Russell Vickers, the tech is for the future where “an autonomous car could drive itself to a charging station, recharge and pay.”
At the same time, the car’s owner would be at liberty to choose whether they want to share “useful” data and earn rewards for doing so.
Jaguar Land Rover first backed a blockchain project in 2017 when it supported the work of DOVU, a crypto startup that sought to reward users on its native blockchain. DOVU’s plans were to give users crypto rewards for sharing their data on things like location or weather conditions.
As per the company’s Monday statement, the expectation is that once the project rolls out officially, up to 75 billion devices will be utilizing its smart wallet technology by 2025.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.