In this new arena of blockchain technology, carmakers are finding the way into the crypto world. The crypto fever has caught another car developer who goes by the name Jaguar Land Rover. It is all set to venture into a partnership with IOTA for its upcoming project.
Jaguar Land Rover’s entry into the crypto sphere might help cryptocurrencies to soar high. The process is going on in the company to test its new technology. As per resources, the company is set to introduce its smart wallet. With the help of this wallet, drivers will also get the chance to earn while driving. They can earn digital currencies.
Hence, the recent move of the company is the breaking news in the crypto sphere. With the advent of the car-maker, the possibilities for a better future in the crypto sphere are what people speculate. Also, it might make the coin of IOTA high with its partnership.
The Concept of the UK Headquartered Car-maker
The company comes up with a simple concept. According to the concept when drivers drive vehicles, they can accumulate data. This data will include traffic and road conditions. They can share these data with local authorities in real time. Navigation providers can also take this data for implementation. In turn, the driver can earn digital currencies for their work.
This concept is for those drivers who willingly want to share the information. And, with the funds in the form of cryptocurrencies, drivers can use it for making payments. Such payments will include parking meters, paying tolls, paying electricity bills and at shops.
As per reports, Jaguar land Rover tests its software in Ireland. The company went to a place which goes by the name Shannon in Ireland. It also pushes hard to beat Tesla and Elon Musk. As per matter of fact, Tesla is one of the best carmakers in the world for electric cars.
Meanwhile, there is a loud buzz in the crypto sphere with the recent move of Jaguar Land Rover.
IOTA Partnership of the Car-maker
Previously, the car-making company Jaguar Land Rover worked on the software. Now, it has turned towards IOTA. The company also is inclined towards IOTA’s distributed ledger technology. And, the carmaker plans to combine the technology with its wallet. It does so to send and receives payments. Reportedly, there would be no involvement of transaction fees. Surprising, the technology will provide fast payment methods. Also, the technology will continue to grow with the upcoming days.
On the other hand, Software architect whose name is Russell Vickers has an optimistic approach. He sees the move of the company for greater possibilities coming in the way. According to Vickers, it may be possible for such a scenario where self-driving can make payment via crypto. Not only this but also the cars can drive towards charging stations and do recharging.
Interestingly, Holger Kother from IOTA Foundation has something to say on the matter. According to him, technology is best suitable for the blockchain domain. With the help of this, payments and interaction can be possible machine-to-machine.