Reuters reports that Jaguar is working with the IOTA project to reward “helpful car owners” with cryptocurrency for their efforts.

Using the software that has been developed, users will be able to earn MIOTA tokens for sharing data – such as traffic congestion or the presence of potholes. Jaguar is developing a smart wallet that will be installed in its cars, where any rewards gained for sharing data will be stored. Ride sharing will also be rewarded, and the gained tokens can be used for paying tolls and parking and the charging of electric vehicles.

No date has been revealed as to when the wallet and program will go live.

Dominik Schiener, co-founder and co-chairman of IOTA, told Reuters,

The smart wallet technology … can be easily adapted into all new vehicles, 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,

Notable cryptocurrency enthusiast, Anthony Pompliano, who always has a bullish word or two to say about the market, showed his enthusiasm for the development on Twitter,

BREAKING: Jaguar Land Rover has partnered with IOTA to enable car owners & drivers to earn cryptocurrency.

We’re talking digital wallets, tokens, and an entire ecosystem.

THE VIRUS IS SPREADING 🚀

— Pomp 🌪 (@APompliano) April 28, 2019

Automobile Industry Ideal for IOTA

IOTA is a member of the the Mobility Open Blockchain Initiative (MOBI), which also features Ford, Renault, General Motors, and BMW as members. MOBI is a collective effort by industry insiders to encourage innovation and boost adoption of blockchain technology in the automobile industry.

IOTA’s unique network and technology is ideal for the emerging Internet of Things future, of which the automobile industry will be a big part of. It is already working with Volkswagen to the end of launching a “Digital CarPass”, an identification and mileage fraud solution that is expected to launch sometime this year.