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Jaguar Land Rover reveals cryptocurrency reward scheme

Jaguar Land Rover will reward safe motorists with IOTA cryptocurrency tokens.

Automotive manufacturer Jaguar Land Rover has announced it will look to reward drivers with cryptocurrency for data shared about their journey.

The company will install technology in its automobiles, which will reward Jaguar drivers for reporting useful data such as traffic congestion so local authorities can be made aware of issues.

Drivers will also be rewarded for participating in ride sharing schemes, so the system has both safety and sustainability elements.

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Drivers will be rewarded with IOTA coins, a cryptocurrency not specific to the company which can be transferred and it billed as the currency that “enables IoT”.

Cars are being equipped with smart wallets for the initiative, with the technology currently being tested as the company’s new software engineering base in Shannon, Ireland.

A timescale has not been reported for when the wallets will become available and rewards can begin, but engineers have already placed the technology into a variety of vehicles.