In the new technology of Jaguar Land Rover vehicles, cars are somewhat connected to each other. In order to earn digital currencies, you need to enable the technology that reports data on road condition such as potholes or traffic jams.
These data will then be sent to local authorities and navigation providers. Once they receive the reports, other connected vehicles will receive a warning and will be asked to take alternate routes.
Jaguar Land Rover was able to establish this digital protocol through the help of its partnership with the IOTA Foundation which is a German non-profit organization whose job is to help companies create these types of protocols, as well as provide the digital currency to be used in the propaganda.
The IOTA Foundation will also be responsible for the handling of the disrupted distributed ledger.
The vehicle company recently announced that its digital wallet technology will enable Jaguar owners to earn IOTA coin which can be used for everyday expenses such as parking, coffee, and charging of electric facilities.
The IOTA cryptocurrency is currently valued at 27 U.S. cents per token.
Owners of this automotive will also have the ability to deposit funds to their cryptocurrency wallets through conventional payment methods.
By 2025, Jaguar Land Rover predicts that there will be about 75 billion devices connected to the smart wallet.
There is a Jaguar Land Rover software engineering base in Shannon, Ireland where the new technology is currently being trialed and tested.
Russell Vickers, a software architect in the said company, said in a press conference:
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.
Meanwhile, Jaguar Land Rovers Executive Director of Product engineering Nick Rogers added:
Our Shannon software development center is advancing the use of cryptocurrency to make people’s lives better, by allowing drivers to safely share data and make payments from their vehicle.
Jaguar Land Rover had recently been going through a tough time with finances. The company even said that it might cut down up to 10 percent of its workers to adapt to the changes.
Last March, S&P had also downgraded its credit rating.
To make up for the loss, there were reports that the company was considering a bid made by Addison Lee which is a taxi firm. They reportedly did this in an attempt to re-establish its name in the driving space.