Jaguar Land Rover Rolls Out Plan to Compensate Drivers with Digital Currency for Sharing Data

Jaguar Land Rover Rolls Out Plan to Compensate Drivers with Digital Currency for Sharing Data

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The future is definitely here already, and major automobile brand Jaguar Land Rover is not going to be left behind in the excitement. The brand is launching a software package that will finally ensure that drivers in the future get the IOTA digital currency in exchange for the data that they have shared.

The Future is Here for Real

Now trading on the digital asset exchanges at USD0.27, the IOTA coin has similarities with Bitcoin. This currency used in crypto trading allows people and machines to engage in the transfer of data and money. The best part of these transactions is that they are free of charge, the brains behind the IOTA coin have branded these ‘permissionless transactions.’

With the use of the Jaguar smart wallet, drivers of Jaguar automobiles will be able to get IOTA tokens as rewards for things like allowing their cars to do automatic reporting of valuable data, such as the presence of damaged roads or excessive traffic to the government or those responsible for the safety of everyone on the roads. According to Jaguar, the drivers will be entitled to the rewards and benefits only if their vehicles are involved in the ride-sharing project. Jaguar says the plan with this at the end of it all is to ensure that there are no emissions, mishaps or traffic problems.

While clarifying further, Jaguar stated that it is still sampling the technology to be deployed at the new Jaguar Land Rover software engineering department in Shannon, Ireland. The technology has already been fitted some Jaguar F-PACE and Rover Velar with these much-anticipated characteristics. The auto giant did not state when it is going to be launched commercially. Dominik Schiener is one of the founders, who also doubles as one of the co-chairpersons of the board of the IOTA foundation and he confirmed that the smart wallet technology would fit into all new automobiles without any problems. It is important that he clarified this part because not a few car owners have been wondering how it is all going to pan out.

He added that IOTA’s purpose is to ensure that it can work on different platforms. He said that there is nothing like the Jaguar coin or BMW coin but a universal token that will be functional on all the vehicles. The IOTA Foundation also said that IOTA had eradicated the problems of inefficiencies that plagued blockchain technologies. IOTA itself works with the use of the game-changing technology known as ‘the Tangle.’ The Foundation went as far as saying that the Tangle is the connection for the Internet of Things and Web 3.0.

According to the IOTA Foundation, the cryptocurrency will drive a new type of transaction that is not only very safe to use but also one that will be scalable and free for the users who also buy IOTA. The Foundation believes that the cryptocurrency will allow human beings and machines to connect in an entirely new kind of economy – one that has been named the Machine Economy and is still under construction.

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About Ali Raza

A journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.