Crypto Cars: Is the Future Here at Last?

For the most part, a lot of us are able to drive a car. It gives you the freedom to go to the movies, shops, parks and so on. If you’re lucky enough to own a Jaguar, it looks like you might be able to earn some Bitcoin by doing just a few of these things.

Jaguar & IOTA

The company also owns Land Rover (Jaguar Land Rover), so this means that both models of cars will be subject to, what is being dubbed as a smart wallet. The capabilities will allow drivers to be rewarded with the new IOTA cryptocurrency just for sharing data.

Just for those that don’t know before we go any further, IOTA is a cryptocurrency that is based on the Internet of Things and initiated by the software and computer giant, IBM.

All the future models will come with the smart wallet software downloaded into their systems but in order to earn the cryptocurrency, car owners must report on useful information like traffic jams and poor road conditions.

The co-founder and co-chairman of IOTA, Dominik Schiener posted a statement in regards to the technology by saying:

“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.”

When they earn the rewards money, drivers can use the funds to pay for tolls and charging for electric vehicles.

The end goal for Jaguar is the “achieve zero emissions, zero accidents and zero congestions.”

Blockchain

So whereas blockchain solutions can work for automobiles, you have to wonder where it could take us in a decade or two.

We all know that blockchain is a nearly limitless source of technology which has more potential than you could ever imagine. I’m not suggesting that we’re going to have flying cars like in Back to the Future but I can dream, can’t I?

More realistically, by keeping blueprints of certain cars on file, blockchain will be able to decipher which models are enduring technological problems or flaw in their designs. It is also able to see who is driving too fast, what supply vehicles are delivering and so on.