If successful the ‘smart wallet’ tech would be installed in future vehicles with payouts triggered in response to specific consents, such as enabling the automatic reporting of traffic jams and potholes to the relevant authorities.
The scheme could be further expanded to recompense drivers willing to take part in ride-sharing initiative with any credits gained capable of being redeemed in exchange for charges and services such as tolls, parking and electric charging.
Speaking to Reuters Iota co-founder Dominik Schiener said: “The smart wallet technology... can be easily adapted into all new vehicles. 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,”
Several test vehicles including a Jaguar F-Pace and Range Rover Velar have already been equipped with the payment technology although there is no formal date for a commercial rollout at this time.
The automotive sector is in the midst of rapid change with leading manufacturers promoting the development of self-driving cars.