Britain’s largest car manufacturer, Jaguar Land Rover, has told the media on Monday that it is testing a ‘smart contract’ with the new fleet of cars that would pay the subscribers in IOTA in exchange for ‘data sharing.’
The price of IOTA shot up by 17% in three hours as the news broke. The price of IOTA at 2: 40 hours UTC on 29th April 2019 is 0.303. It is trading 11.4% higher on a daily scale.
The Proposed Partnership with Jaguar Land Rover
The car manufacturing leader is designing and developing a “smart wallet” software to be installed in its fleet of cars. Two new models: Jaguar F-PACE and Range Rover Velar have been installed with the software already.
On enabling, the car will automatically share useful data such as potholes locations, traffic congestions, and performance of the car as well. Drivers could also earn from a vehicle-sharing program.
Dominik Schiener, IOTA co-founder and co-chairman of its board told the media,
“The smart wallet technology… can be easily adapted into all new vehicles… 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.”
Furthermore, these IOTA tokens can be used to pay for tolls, parking, and charging of electric cars. The charging of 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 has established significant partnerships in the $250 billion industry in the US alone. Audi, Volkswagen, and Jaguar are one of the biggest car manufacturers in the world. Hence, IOTA is building an ecosystem of payments and smart contract implementation in the automobile industry. The applications and scope of smart contracts are beyond one’s imagination.
IOTA is setting an example for a successful use case of Blockchain and cryptocurrency to solve real-world problems. How long do you think before an ecosystem develops in the car industry?
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com