Jaguar Land Rover drivers to earn cryptocurrency as they drive
Posted on: 7th May 2019
Drivers will be able to earn cryptocurrency and make payments on the move using connected car services being tested by Jaguar Land Rover.
Using ‘Smart Wallet’ technology, owners earn credits by enabling their cars to automatically report useful road condition data such as traffic congestion or potholes to navigation providers or local authorities. Drivers could then redeem these for rewards such as coffee, or conveniently use them to automatically pay tolls, parking fees and for smart charging electric vehicles.
Jaguar Land Rover has partnered with the IOTA Foundation to harness ‘distributed ledger’ technologies to make and receive payments. Unlike similar systems, it requires no transaction fee to operate and over time transactions will get faster across the entire network, forecast to include some 75 billion connected devices by 2025. Drivers could also top-up the ‘Smart Wallet’ using conventional payment methods.
The advanced connected technology is being trialled at the new Jaguar Land Rover software engineering base in Shannon, Republic of Ireland, where engineers have already equipped several vehicles, including the Jaguar F-PACE and Range Rover Velar, with ‘Smart Wallet’ functionality.
The leading technology research forms part of Jaguar Land Rover’s Destination Zero strategy which aims to achieve zero emissions, zero accidents and zero congestion. Part of reaching this target is developing a shared economy where the vehicle plays an integral role as a data gatherer in the smart city of the future.
Russell Vickers, Jaguar Land Rover Software Architect, said: “The connected car technologies we are developing will be transformative and truly turn your Jaguar or Land Rover into a third space, in addition to your home or office. In the future, an autonomous car could drive itself to a charging station, recharge and pay, while its owner could choose to participate in the sharing economy – earning rewards from sharing useful data such as warning other cars of traffic jams.”