Prominent British automobile company, Jaguar Land Rover has become one of the first automobile company to roll out a rewards program that pays out drivers in cryptocurrency.
On April 29, blockchain startup IOTA said in a press release that it has partnered with Jaguar Land Rover to introduce a “smart wallet” technology software in newer models of its broadly used vehicles.
The said software will help Jaguar to achieve its “zero emissions, zero accidents, and zero congestion” goals.
How Does the Jaguar IOTA Token Reward Program Work?
The project which is still under pilot will allow drivers to receive IOTA tokens as a reward for completing specific tasks defined by Jaguar Land Rover.
For instance, drivers on a trip can earn IOTA tokens by allowing automated reporting of useful data such as traffic congestion and potholes. Additionally, drivers can earn IOTA tokens by participating in a ride-sharing program which Jaguar Land Rover will likely reveal further details about after the pilot.
Upon earning the tokens, drivers can use it to pay for coffee, car tolls, parking and charging for electric vehicles. There will also be an option to top up the wallet using traditional payment methods for crypto purchases, IOTA said.
Meanwhile, the startup is also eyeing partnership with other global automobile companies in the long run. IOTA’s co-founder Dominik Scheiner told Reuters following their latest milestone that the smart wallet technology can easily be integrated into new cars, before adding,
“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.”
In another report regarding the adoption of cryptocurrencies, Stmarket.co revealed that Innisfil, a town in Canada had started a trial program that allows residents to use Bitcoin to pay for property taxes.