Jim Bulling and Felix Charlesworth
Two central banks have taken steps to facilitate cross border payments through the use of blockchain. On 1 May 2019, the Bank of Canada (BOC) and Monetary Authority of Singapore (MAS) jointly published a report on their trials of settling tokenised digital currencies across different blockchain platforms (Report).
Read MoreBy Cameron Abbott and Allison Wallace
Firstly, no, you don’t have to be an Uber driver driving a Jag to reap the benefit of the car manufacturer’s new innovation.
Jaguar Land Rover has announced it is testing “Smart Wallet” technology that will enable drivers to earn cryptocurrency while driving.
How? Technology embedded in the car will automatically report road condition data, such as traffic congestion and potholes to navigation providers and local authorities, which will earn the car’s driver credits.
The credits can be used to buy coffee, pay tolls and parking tickets – which all sounds pretty handy to us.
Jag has partnered with IOTA Foundation which is providing the “IOTA-powered car wallet” which uses a distributed ledger technology to make and receive payments. It is currently being trialled in Ireland. IOTA forecasts that 75 billion devices will be connected to the Smart Wallet technology by 2025 – we’re pretty excited to see how this unfolds.
Copyright © 2024, K&L Gates LLP. All Rights Reserved.