The diversity of fields where blockchain technology can be applied is becoming bigger and bigger, expanding to pretty much any daily aspects of our lives. A technology that began as a way to substitute money as we know it, blockchain technology it’s now being developed to be applied in all type of industries, from supply chain to economics, automotive and even investment fields. All these industries have found ways to take advantage of blockchain, developing new applications to improve existing systems.
According to a publication made by the International Business Times, Jaguar Land Rover is currently testing new software that will allow users to obtain cryptocurrencies in exchange to provide data to the company about the performance of their vehicles in specific places. According to Jaguar’s representatives, the development of this app will function the cryptocurrency IOTA, which will reward users in exchange for the data. The company estimates that this will allow the manufacturer to obtain real-live information, allowing them to further develop new safety mechanisms that could prevent accidents.
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.
Dominik Schiener, IOTA Foundation Co-Founder and Co-Chairman
According to Schienner, IOTA could easily solve a lot of inefficiencies that other blockchains currently have, given that its technology is based on the Distributed Ledger Tech (DLT) by the name of Tangle, a platform that will connect IoT with Web 3.0. More and more companies are showing interest in cryptocurrencies and blockchain technology, and are taking advantage of its benefits, offering customers new reward systems that could easily attract more loyalty into a specific brand.
