Global car companies are exploring blockchain applications, figuring out different ways in which they can leverage the technology to suit their different needs. Blockchain, the system powering cryptocurrencies like bitcoin, is a shared database that is maintained by a network of computers connected to the internet.
The British car company is testing the technology at the new Jaguar Land Rover software engineering base in Shannon, Ireland, where engineers have already equipped several vehicles, including the Jaguar F-PACE and Range Rover Velar, with «smart wallet» features, the company said.
It does not yet have a timetable for when it will be commercially available, said Jaguar, a subsidiary of Tata Motors.
The IOTA token is based on a distributed ledger technology that enables people and machines to transfer money and data without any transaction fees. IOTA trades on digital asset exchanges and was last at 27 US cents per token.
«The smart wallet technology … can be easily adapted into all new vehicles,» Dominik Schiener, IOTA co-founder and co-chairman of its board, said.
«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,» he added.