UK-based auto manufacturing giant Jaguar is working on a project to reward its customers with IOTA (MIOTA) cryptocurrency. This is intended to encourage feedback from Jaguar users around the world as well as encourage car sharing among users.
The reward is meant to serve as an incentive to encourage drivers to share traffic information such as congestion or bad road conditions. Based on this partnership, the more information drivers provide, the more they earn and Jaguar is making it easy for those not familiar with cryptocurrencies by installing wallets in its vehicles to safely store reward tokens.
While there is currently no timeline for implementing this, it is a good way to promote the use of cryptocurrency outside of the regular use of cryptocurrencies which is currently very limited. It is also the first time the cryptocurrency industry is reaching the automotive industry and a commendable move by IOTA Foundation.
Based on the words of the co-founder and co-chairman of IOTA Dominik Schiener, the company is planning to spread to other major automobile companies. He said:
“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.”
Meanwhile, IOTA has jumped a whopping 17% in the last 24 hours after the announcement of Jaguar integration. At the time of writing, the asset is still at a gain of over 16%.
For those who patronize Jaguar, only the Jaguar F-PACE and Range Rover Velar have been armed with this technology for now while others may be included with time. While many believe cryptocurrencies are useless and not real money, the driver rewards can actually be used to pay for expenses such as parking space, charging the cost for electric cars and for tolls.
As the cryptocurrency industry continues to expand, more niches will be created and IOTA has created its own with the automotive industry. This is a potentially serious exposure for the company, asset and the cryptocurrency industry at large. With such collaborations in place, cryptocurrency may soon become accepted in the mainstream as it offers real use cases.