Nike, Facebook, and Now Jaguar: Big Corporations Turn to Crypto

In a further sign of endorsement for the crypto industry, Jaguar Land Rover (JLR) Limited has announced the testing of a crypto payment system. Details released show the development of a smart wallet that allows users to earn while on the road. The system will use IOTA, which developers say has the advantages of a zero fee network and inherent scalability.

JLR And IOTA, Another Coup For Crypto

The car industry has suffered many upheavals in recent times. From dieselgate to exploding airbags, not forgetting how the new kid, Tesla, is turning the industry on its head. But in a bid to stay relevant, JLR is turning to crypto.

Following news of Nike’s cryptokicks, JLR is the second household name, in as many days, to announce plans for crypto adoption. Taking this into account, it seems as though the wider world has finally started to grasp the potential that blockchain technology has to offer.

JLR’s “Destination Zero” Vision

JLR’s “Destination Zero” vision sets out the company’s strategies for sustainability. It seeks to achieve zero emission, zero accidents, and zero congestion – a challenging manifesto to accomplish indeed. The opening statement of their policy reads:

“A changing world: In a fast-moving world, there are exciting opportunities as well as challenges, not only for our future cars and services but for how we impact society, the environment and business for the better.”

But of greater relevance to crypto, is the concept of shared economy, in which drivers receive rewards for their communal actions. Under this system, a driver can earn crypto for alerting others to traffic congestion. Equally, any funds accumulated could pay for motoring expenses, such as parking or toll fees. This concept forms the basis of the smart city of the future, in which technology will be used to improve lives. On speaking of the partnership, Holger Köther, Director of Partnerships at IOTA Foundation said:

“Our distributed ledger technology is perfectly suited to enable machine-to-machine payments for smart charging, parking and tolls, in addition to creating opportunities for drivers to earn their own digital currency. We are excited to partner with Jaguar Land Rover in implementing its IOTA-powered car wallet, delivering a major convenience benefit for their customers worldwide.”

IOTA Price

On news of the collaboration, the IOTA price surged 17% to around $0.31 at the time of publication. This represents a 94% decrease from its all-time-high of $5.01, in December 2017. But nonetheless, is still welcome news considering the announcement bucked a sliding trend.

All the same, the current direction may experience some retracement. According to Lunar Express, a small dip in price may be incoming, as bulls struggle to break resistance at the $0.31 level. However, should resistance be breached, a potential rise to $0.41, or even $0.52 is possible in the near future.