IOTA and Jaguar Develop Smart Car Wallet

  • Representatives from Jaguar and IOTA talk about the future of the automotive industry.
  • The new smart car wallet developed by IOTA and Jaguar will allow cars to do micro-transactions without the help of a human.

In a new episode of Untangled, the official IOTA podcast, focuses on the role that IOTA will play in the automotive industry. This sector is expected to undergo major changes in the coming years.

The Internet of Things (IoT), together with the IOTA protocol, will contribute to the next step. Its implementation will make it easier for cars to become more independent entities. Increasingly in contact with its surroundings, with other units and other parts of the industry.

IOTA and Jaguar’s smart car wallet is a step into the future

In the podcast talk two representatives of one of the most recognized companies in the automotive sector, Jaguar. Russell Vickers and Aaron Hetherington of the Jaguar Land Rover Software Engineering Centre discuss the smart car wallet they have developed with the IOTA Tangle network.

The smart car wallet is a project with multiple use cases. This was commented by the guests of the above mentioned institutions. In the first place, the wallet will be integrated to each unit and will allow it to make transactions without the intervention of the owners.

According to Vickers and Hetherington, the company placed special emphasis on this use case. The transactions that could be made with the smart car wallet would be related to everyday tasks. For example, a car could use its wallet to pay the parking bill. For users, the possibilities and benefits would be vast.

On the other hand, Jaguar representatives also discussed the costs this technology could save a city. By using the smart wallet, data could be shared with local authorities and administrative costs could be reduced.

In this sense, Anne Smith, Head of the Automotive and Mobility Division of the IOTA Foundation, presented other important use cases. The portfolio, in addition to being an independent payment method integrated to the automotive units, could also be an identity document.

To achieve this, IOTA has teamed up with Mobi. The alliance will seek to develop an identity system that, among other things, can also be implemented to improve the energy efficiency of automobiles.

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Jaguar is one of the companies in a transition process. It intends to build only electric cars within the next decade. Jaguar representatives have emphasised that their goals can only be achieved byusing IOTA’s distributed ledger technology.

At the end, all the guests concluded that the technology of the blockchain and distributed ledger are at the forefront of innovation. Due to the technology it will be possible to resolve one of the most important issues in data collection: trust.

Global interest in blockchain technology continues to grow

All over the world, there is an increasing tendency to use blockchain technology as a way to improve the overall functioning of key areas in the functioning of governments, supply chains, logistics and customs.

The Asian giants, China and Turkey, are among the countries that have concrete plans to implement this technology. It is expected that in the coming years, the use case for these solutions will increase. Although it is still necessary to see what the result of the initiatives are going to be.

In any case, IOTA is profiled as one of the most solid players and its technology could help improve the automotive industry. The changes that will be seen in the next decade will be very important for the ecosystem of cryptocurrencies and the blockchain technology.

The IOTA price stands at $ 0.23 USD and has had a downward movement (-5.71%) in the last 24 hours. Follow us on Facebook and Twitter and don’t miss any hot news! Do you like our price indices?

About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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