IOTA, the Germany-based project that merges Internet-of-Things (IoT) and crypto, has finally unveiled a so-called “smart wallet” during the grand opening of Powerhouse Brattørkaia.
The innovative product was developed in partnership with premium-class car maker Jaguar Land Rover.
A much-anticipated feature
The Tangle-based wallet will be integrated into all-electric crossover Jaguar I-Pace, which is being heavily marketed in Norway. IOTA co-founder Dominik Schiener earlier said that he wanted to ensure interoperability between different cars with one token that would serve as a lynchpin for a machine economy.
The initiative is supposed to reduce car emissions and traffic congestion by incentivizing users to report relevant data, such as potholes or weather conditions. A vehicle that supports the smart wallet technology is able to earn money or spend it on micropayments (parking, charging, etc.).
In the green
Jaguar is also testing an IOTA-powered charging feature, which allows car owners to charge from green energy sources. This feature can be easily turned off in the smart wallet menu.
With the help of its demonstration, IOTA strived to emphasize the importance of sustainable energy.
As reported by U.Today, the company earlier joined forces with Danish energy giant Energinet to lead the country’s transition to renewable energy.