Wouldn’t it be great to get individually rewarded for providing companies with our data which they can use to enhance our lives? This is what the new partnership between IOTA and Jaguar Land Rover is all about.
IOTA has taken the next step in partnering with big players in the automotive industry. On April 28, 2019, Britain’s largest auto manufacturer Jaguar Land Rover announced that the company is harnessing IOTA technology to make and receive payments for various purposes. The company states on its website:
Unlike other similar systems, due to its structure, 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.https://media.jaguarlandrover.com/news/2019/04/money-earn-you-drive-jaguar-land-rover?q=&start=0&brand=corporate
But what is it actually about? Watch the following clip to get an idea:
We all know that Google, Apple and the likes use the data we provide them with to offer us services like Google/Apple Maps. Apparently this is free for the user, but actually the users are paying with their personal data for this service.
Jaguar Land Rover have taken a new approach: By sending valuable data to the company about the streets, for instance, the owner gets rewarded with IOTA tokens. And of course these tokens can be used in a smart city for paying tolls or parking lots. If you look closely at the video, you will see that also Vehicle Sharing is part of the plan:
This could mean that you rent out your car to someone else while you are at work. The car could be paid by the temporary “owner” in IOTAs using the smart wallet.
The actual news here isn’t just the technology, but that large companies being convinced of it:
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.RUSSELL VICKERS, JAGUAR LAND ROVER SOFTWARE ARCHITECT
Working with our engineering hub in the UK, the team in Shannon are pioneering and testing these sophisticated connected technologies that will help people to make the most of the time they spend in their car.Jaguar Land Rover is embracing autonomous, connected, electrified and shared mobility technology as we endeavour to make cars safer, cleaner and smarter for everybody.NICK ROGERS, EXECUTIVE DIRECTOR OF PRODUCT ENGINEERING, JAGUAR LAND ROVER
What non-techies will love to hear is that you can also top-up the car’s smart wallet using conventional payment methods – so there is no need for car drivers to register with crypto exchanges. Yet the underlying technology remains based on IOTA, regardless of whether you use Dollars or IOTA, since sending data over the tangle is free and IOTA as a token optional.
So why is this great news?
Because it not only shows the wishes of big companies to make use of cutting edge technology, but it also shows that IOTA is taken seriously by the big players. Working products like this show what IOTA is all about: using data and technology to benefit, rather than exploit society.
For the official IOTA announcement click here.
For more information click here.