Jaguar Land Rover drivers will soon be able to earn cryptocurrency in exchange for sharing driving data, thanks to a partnership with IOTA. According to Jaguar Land Rover, drivers will be able to get credits that can be redeemed for everything from coffee and parking tickets to charging electric cars when they report useful road conditions. Some of the most useful data to share will include information on road conditions, including potential damages to the quality of the physical road like potholes, as well as instances of traffic congestion.
Currently, Jaguar Land Rover is testing this payment-for-data technology. According to Russell Vickers, Jaguar Land Rover Software Architect, "In the future, an autonomous car could drive itself to a charging station, recharge and pay, while its owner could choose to participate in the sharing economy — earning rewards from sharing useful data such as warning other cars of traffic jams."
Why This Trend Is Growing
- Cryptocurrency-earning Cars
- The trend of earning cryptocurrency by sharing driving data can revolutionize the automotive industry's revenue streams
- Data-driven Services
- Jaguar Land Rover's collaboration with IOTA paves the way for new data-driven services that offer customized rewards to drivers
- Sharing Economy for Transportation
- The ability to earn rewards by sharing useful data can disrupt the ride-sharing economy and enable owners to monetize their autonomous cars
Industries Being Reshaped
- Automotive
- Automakers can now leverage blockchain technology to develop new revenue streams based on the value of driving data
- Fintech
- The intersection of cryptocurrency and transportation data creates an opportunity for fintech companies to create innovative payment and reward systems
- Smart Cities
- The sharing of driving data can enable cities to optimize transportation infrastructure and provide more efficient services to citizens
