Jaguar Land Rover wants to give car owners iota cryptocurrencies in exchange for data

Jaguar Land Rover wants to give users of its cars the choice to share data in exchange for iota cryptocurrencies. The intention is that drivers can then pay with this at toll roads, parking spaces and charging points.

According to Jaguar Land Rover, it is about sharing ‘useful information’, such as about the condition of roads and about traffic on the road. Such data is intended to be shared with navigation services and local authorities. The car manufacturer does not indicate whether it also wants to collect the data itself. It is also not yet clear how much iota drivers will receive for participating in the program.

The British car manufacturer says it will integrate a Smart Wallet in its cars. In it, the car owners are paid out and the cryptocurrencies they earn must be able to spend via this wallet. Jaguar Land Rover talks about paying for coffee, toll roads, parking spaces and charging electric cars.

In order to purchase such things with iota, the providers must also cooperate and accept that crypto currency. Jaguar Land Rover does not yet speak of collaborations with companies in that area, so the question is whether and when that is actually possible. Car owners will also have the option to top up the Smart Wallet themselves by purchasing iota.

Jaguar Land Rover is currently testing the technology in Ireland, where its software developers are based. Developers there have already equipped several vehicles with a Smart Wallet, including the Jaguar F-Pace and Range Rover Velar. It is not yet known when the technology will be available to consumers.

Jaguar Land Rover is partnering with the Iota Foundation. The iota cryptocurrency has been around since 2015 and uses a digital ledger, or ledger, called Tangle. This is a so-called directed acyclic graph, which is an alternative to the blockchain. There are no transaction fees as the condition is that a transaction validates two previous transactions.