We see more and more big companies jumping into the crypto space and these are, without a doubt, signs of adoption. Let’s have a look at the partnership between Jaguar and IOTA.
Jaguar Land Rover is a well known British car manufacturer, currently looking to expand its technology by partnering with IOTA Foundation (another promising blockchain designed for the internet of things).
See The Video Here….
What is this partnership?
Well, Jaguar Land Rover wants to offer IOTA as a reward to its customers for automatically sharing driving data (such as accidents, roadblocks and so on).
Customers will receive their rewards through a smart wallet, which can be used for any service or to shop along the way.
The smart wallet can be topped up with money as well. Unlike other crypto, IOTA transactions will not require fees.
Russell Vickers, software architect at Jaguar Land Rover says:
“The connected car technologies we are developing will be transformative and truly turn your Jaguar or Land Rover into a third space, in addition to your home or office. 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.”
Due to this news, IOTA surged almost 23% against BTC on the 29th of April 2019.
IOTA (IOTA) is a distributed ledger for the Internet of Things that uses a directed acyclic graph (DAG) instead of a conventional blockchain.
Its quantum-proof protocol, Tangle, reportedly brings benefits like ‘zero fees, infinite scalability, fast transactions, and secure data transfer’.
The IOTA Tangle is a Directed Acyclic Graph which has no fees on transactions and no fixed limit on how many transactions can be confirmed per second in the network; instead, the throughput grows in conjunction with activity in the network; i.e., the more activity, the faster the network. (Source: Coinmarketcap)