Blockchain technology will let owners earn crypto currency and make payments on the move with tech currently being tested by Jaguar Land Rover.
Using ‘Smart Wallet’ technology, owners earn credits by enabling their cars to automatically report useful road condition data such as traffic congestion or potholes to navigation providers or local authorities.
Drivers could then redeem these for rewards such as coffee, or conveniently use them to automatically pay tolls, parking fees and for smart charging electric vehicles.
‘Smart Wallet’ removes the need for drivers to hunt for loose change or sign up to multiple accounts to pay for a variety of everyday services.
‘Smart Wallet’ uses the latest cryptocurrency technology and Jaguar Land Rover has partnered with the IOTA Foundation to harness ‘distributed ledger’ technologies to make and receive these payments.
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*. Drivers could also top-up the ‘Smart Wallet’ using conventional payment methods.
The connected ‘Smart Wallet’ services will promote a reduction in congestion with the sharing of live traffic updates and offering alternative routes to drivers, reducing tailpipe emissions from idling in traffic.
The advanced connected technology is being trialled at the new Jaguar Land Rover software engineering base in Shannon, Republic of Ireland, where engineers have already equipped several vehicles, including the Jaguar F-PACE and Range Rover Velar, with ‘Smart Wallet’ functionality.
The leading technology research forms part of Jaguar Land Rover’s Destination Zero strategy which aims to achieve zero emissions, zero accidents and zero congestion.
Part of reaching this target is developing a shared economy where the vehicle plays an integral role as a data gatherer in the smart city of the future.
For example, the connected ‘Smart Wallet’ services will promote a reduction in congestion with the sharing of live traffic updates and offering alternative routes to drivers, reducing tailpipe emissions from idling in traffic.
Nick Rogers, Executive Director of Product Engineering, Jaguar Land Rover said: “Our Shannon software development centre is advancing the use of cryptocurrency to make people’s lives better, by allowing drivers to safely share data and make payments from their vehicle,” said Nick Rogers, executive director of product engineering, Jaguar Land Rover said: .
“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.”
Experts at the innovative Shannon R&D facility, are developing new technologies to support electrification and self-driving features on future Jaguar and Land Rover vehicles. Supported by the Irish Development Agency, the Shannon team is also developing the next generation of electrical architecture as well as exploring advanced driver assistance systems features for future vehicles.