The automobile industry and the cryptocurrency world are set to embrace each other following the recent partnership between Jaguar Land Rover and IOTA Foundation. With this initiative, drivers can earn cryptocurrency and make payments on the move using innovative car services; the smart wallet.
Britain’s largest car manufacturer announced that it was testing a solution based on smart-contracts technology that would pay users in IOTA for data sharing. Using smart wallet technology owners earn credits by enabling their cars to automatically report useful road condition data like traffic congestion and other things related to navigation. And the drivers will be rewarded with cryptocurrency while participation in ride-sharing programs will also be rewarded.
These IOTA tokens can be used to pay for tolls, parking, and charging of electric cars. Last year, IOTA had partnered with ElaadNL in the Netherlands to enable cryptocurrency payments for charging stations. Using the adaptive Artificial Intelligence enabled on IOTA, it has also established partnerships to develop an automated parking solution.
IOTA is building an ecosystem of payments and smart contract implementation in the automobile industry. The smart wallet uses the latest technology to harness distributed ledger to make and receive payments which require no transaction fee to operate. The applications and scope of smart contracts are beyond one’s imagination while forecasts include connecting around 75 billion devices by 2025.