IOTA Announces Partnership with Jaguar Land Rover
Many large companies have taken interest in blockchain technologies and cryptocurrencies. Just yesterday we mentioned that Nike filed a patent for a cryptocurrency related project. It seems that more companies are following the trend. Earlier today, cryptocurrency project IOTA announced a partnership with U.K. luxury auto-manufacturer Jaguar Land Rover.
A Bit About IOTA
While not quite as known as Bitcoin or Ethereum, IOTA has an interesting take on scalability and transactions-per-second. It does not make use of a standard blockchain as most cryptocurrencies do, but instead uses a DAG or Direct Acrylic Graph. This allows feeless transactions and a high transaction-per-second rate. IOTA is currently the #15 cryptocurrency by market cap.
IOTA has announced earlier today that it has formed a partnership with Jaguar Land Rover. The partnership allows Jaguar Land Rover drivers to earn cryptocurrencies for various tasks. This includes reporting traffic jams, potholes or traffic checks. The cryptocurrency will also be used to automatically pay for parking and tolls.
The model is oddly reminiscent of Nike's CRYPTOKICKS which apparently will award athletes and joggers for completing tasks.
Nick Rogers, Executive Director of Product Engineering, Jaguar Land Rover said: "Our Shannon software development centre is advancing the use of cryptocurrency to make peopleâs lives better, by allowing drivers to safely share data and make payments from their vehicle."
The Market Responds
So far news of the partnership has given IOTA quite the bump. In less than 24 hours, the price has increased by over 17%. Should more positive developments be revealed, it might continue its advance. It might possibly overtake BitcoinSV in the future.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado