Car manufacturer Jaguar Land Rover has announced a partnership with blockchain network Iota to reward drivers with cryptocurrency. The United Kingdom-based car company announced this on Monday. Drivers will be rewarded after the submit data on road conditions and vehicles performance.
Jaguar Land Rover will distribute Iota tokens to smart wallets that are tied to participating drivers. Drivers will be able to redeem these tokens for a variety of products, including road tolls, parking and electric charging. According to the car company this is a first step into a world where car drivers are being rewarded for participation in data collection.
“In the future an autonomous car could drive itself to a charging station, recharge and pay, while its owner could choose to participate in the sharing economy — earning rewards from sharing useful data such as warning other cars of traffic jams,” according to software architect Russell Vickers in the press release.
Iota is a distributed ledger technology made for the Internet-of-Things. It uses a different type of blockchain, called Directed Acyclic Graph. This technology has no transaction fees, no size limit, no speed limit. The bigger and more active the network, the faster transaction will be. The IOTA token has been on the market for a while now, but has yet failed to make a big impact.
Currently the price of IOTA is down 52 percent from its initial ICO price. Even though the news of the partnership with Jaguar Land Rover did boost the price almost 15 percent to almost $0.32.
Also published on Medium.