Crypto may be on the cusp of finally going beyond the use cases of a trading vehicle and a simple form of currency. Jaguar seems to be leading the way in this respect, at least in the automotive industry, because they are considering paying car owners to enable sharing of their driving data. If such an idea proves to be successful in practice, then we just might see the dawn of the heralded data economy, in which the power goes back into the hands of the consumer.
Even so, according to CoinDesk, as of now, this idea is merely in a trial phase. First and foremost, what’s important to know is that the effort is the result of work between the car manufacturer and the IOTA Foundation. This, of course, means that the IOTA currency will be used as the lynchpin of the project, despite the fact that it has not exactly lived up to its promises over the course of its history.
Reportedly, IOTA tokens will be utilized as less of a way for customers and the company to transact with each other and more of a traditional currency, as suggested above. According to CoinDesk, this means the coins will be redeemable in real-time for purchasing gasoline, time on an electric charger or even for paying tolls. With this in mind, it is important to note that as of now, it is not at all clear how or where the two groups plan to have the initial infrastructure in place for any of this to happen.
If anything can be taken from this early-stage partnership, it is that the core use cases of crypto projects can change over time as partnerships develop. Even if Jaguar and the IOTA Foundation fail with this particular pilot, crypto projects could take a page from IOTA’s book and remember that re-invention is always possible.
By: BGN Editorial Staff