British auto manufacturer Jaguar Land Rover is currently testing software that rewards drivers with cryptocurrency for agreeing to share their information with the company. By giving up vehicle information collected such as traffic congestion and even pot hole locations, drivers will receive IOTA coins.
Part of the intent of adding a smart wallet to cars is so that owners can easily pay for tolls, parking, and recharging fees. Ride sharing may also be encouraged as a means of earning more credit. According to the company, the main goal is to "achieve zero emissions, zero accidents, and zero congestion."
Vehicles under test with integrated blockchain technologies include the Jaguar F-Pace and Range Rover Velar. Software engineers in Shannon, Ireland are leading the project.
As cars become even more connected, there is little in the way of implementing a token system. In a few years, 5G connectivity will replace the 4G LTE hotspots available in many mass market vehicles opening up even greater possibilities for internet-connected applications that are less restricted by data usage.
IOTA co-found Dominik Schiener would like to see the coin be used far more universally than in Jaguars or Land Rovers. He says, "So there is no Jaguar coin, no BMW coin, but one universal token for this machine economy." Other automakers may not be so quick to jump on board, but given that adding a cryptocurrency wallet is mostly a software feature, there is little in the way of doing so.
The fact that it is Jaguar and Land Rover innovating in this space may be more pleasing to old school investors. If Tesla had started promoting the use of cryptocurrency, there may have many to quickly dismiss the idea as absurd or ridiculous and unnecessary. Just two months ago, Musk was quoted during a podcast saying, "I’m not sure if it’s a good use of Tesla resources to get involved in cryptos."