British car producer brand Jaguar Land Rover decided to take advantage of Iota blockchain technology to award drivers with crypto in exchange for their vehicle data, from information on driving conditions to car behavior records.
The award program envisaged by the UK-based car manufacturer has been tested for a long period of time in order to find a reliable method of integrating the Iota cryptocurrency wallet with the vehicle’s internal computer.
According to Jaguar Land Rover announcement, the award program should offer drivers Iota in exchange for valuable data, while drivers themselves can use the digital currency to pay for various services, from highway fees and parking to power charging for electric cars and even coffee.
The British car brand has been working to implement the Jaguar’s Destination Zero plan that aims to reduce car accidents, high traffic incidents and cut air pollution. The common enterprise with Iota blockchain technology is an important part of the overall plan.
This piece of news has not come without producing effects as Iota price soared by almost 20% immediately after the announcement was released.
And it’s no wonder since Iota blockchain network has been specially designed to be used into the Internet of Things space, an Internet extension that should connect power-linked devices we use every day and offer more control and customization.
Nowadays, when talking about Internet of Things, most people consider the “smart home” concept where various powered devices can be accessed remotely for better use. The only negative aspect frequently emphasized by critics of IOT is connected to the possible privacy and security threats that may affect our lives.
And though it may seem absurd to admit, people are right to be afraid of an Internet-connected device that can be breached and used against us by online criminals. So, what’s the solution, one may ask.
The solution is to use an application or software program that takes advantage of blockchain technology and its decentralized principles that make sure there is no single point of failure in the system.
Distributed ledger technology is more than suitable for machine-to-machine communication and drivers who need to pay for various car products and services on the go without worrying about fiat.