Jaguar Land Rover, the UK’s largest automobile manufacturer partnered with digital ledger technology based platform IOTA. Now drivers would be able to earn and make payments through cryptocurrency while on the move using innovative car connected services. Presently, in UK Jaguar Land Rover is in the trail phase to make the service available soon. According to the IOTA’s Medium blog published on April 29.
Reportedly, Jaguar Land Rover is developing a smart wallet in-vehicle software with the support of IOTA Foundation for making and receiving cryptocurrency which requires no transaction fee to operate. Now, the drivers of Jaguar Land Rover would be able to get the rewards in the form of cryptocurrency MIOTA, if the vehicle takes part in ride-sharing, report on any data related to the road conditions such as traffic congestion, emergency accidents, potholes to navigation providers or local authorities. The Smart Wallet service would be able to eradicate the issues related to loose change or remove the need for signing up to multiple accounts to avail variety of routine facilities.
This new move will further facilitate Jaguar Land Rover’s vision of forming Destination Zero strategy which aims to have zero accidents, zero congestion, and zero emissions. The company in a way reaching towards the target of developing a shared economy where the vehicle plays an integral role with the help of revolutionary tech and the owners can earn a profitable amount in the form of cryptocurrency as rewards for sharing the important warnings related to on road conditions.
“Jaguar Land Rover aiming to make people’s live better and sophisticated by advancing the use of cryptocurrency and by allowing drivers to safely share data and make payments from their vehicle. The company is adopting electrified and shared mobility technology which is autonomous and connected. In a process, we are aspiring to make cars safer, cleaner, and smarter for everybody.” Said Nick Rogers, Executive Director of Product Engineering.
Last year, Jaguar Land Rover recorded approx.….US$25.8 billion of revenue With 50,000 employees across the globe.
The post mentions that the engineers in UK are testing distributed ledger based smart wallet software and its functionality in several vehicles including Jaguar F-PACE and Range Rover Velar. However, it is not yet revealed the actual time frame of the commercial roll out for the public.
IOTA Price Jumps
Due to the bear market trend IOTA coin MIOTA also gone down and hit on a low position of $0.20 during mid-December. After that by now it was running low and did not seem to recovered much. However, the price of MIOTA coincidently surged after the shocking announcement from the recent hovering of $0.261 to almost $0.310 on April 29, 2019. At the time of writing the price got fluctuated at a level of $0.298598 USD, with a market cap of $829,960,951 USD, and circulating supply of 2,779,530,283, according to the coinmarketcap.com data.
As per the corroborated reports the news positively affected the daily trade volume of MIOTA and presently, getting most of the volume with a 40% share on Binance, mostly in BTC and in Asian trading it is noticed that the volume almost got tripled to just over $30 billion. The latest market sentiment made IOTA’s altcoin one of the top performing digital asset in this jittery and bear crypto phase.
IOTA’s distributed ledger technology is perfectly suited to enable machine-to-machine payments for smart charging, parking and tolls, besides creating opportunities for drivers to earn their own digital currency. Now, in all the vehicle, the smart wallet technology can be easily adapted and give convenience to the customers. IOTA wants to enable interoperability with all these different players. So there is no Jaguar coin, no BMW coin, but one universal token for this machine economy.” Said Iota’s head of partnerships, Holger Köther.