Jaguar Employs IOTA in PoC Demo for Tracking Car Energy

Jaguar Employs IOTA in PoC Demo for Tracking Car Energy
September 3, 2019

 

The cryptocurrency market has turned slightly bullish with Bitcoin (BTC) crossing above the $10,000 level once again.  The numero uno crypto with a market cap of $184.70 billion was trading at $10,346.93 at the time of writing this article. The uncertainty in global trade due to the US-China trade war is the main reason for the resilience of Bitcoin and other major altcoins. Notably, another round of tariffs on Chinese goods came into effect on September 1st. As China hit back with 15% additional duty on $75 billion worth of goods and lodged a case against the US in WTO (World Trade Organization), there seems to be no possible resolution to the problem in the short-term. That may spark another round of rally in the cryptocurrency sector.

Similar to Bitcoin, Ethereum (ETH) has gained 3.9% to trade at $177.38. XRP, the native crypto of Ripple has gained 1.8% to trade at $0.2606. Other altcoins which have gained in the past 24 hours include Litecoin (LTC-$66.91, 1.6%), EOS (EOS-$3.33, 2.7%), Cardano (ADA-$0.0452, 2.7%), Tron (TRX-$0.0158, 3.0%),  Monero (XMR-$73.78, 4.6%), Binance Coin (BNB-$22.56, 4.6%), Bitcoin Cash ($296.39, 5.9%), OKB (OKB-$2.70, 8.30%), Dash (DASH-$80.61, 1.1%), Huobi (HT-$3.97, 2.4%) and  Stellar (XLM-$0.0631, 1.5%). LEO (LEO – $1.14, -0.3%) is the only altcoin in the top 20 list to trade in red.

Government level initiatives

Deutsche Bundesbank and German cabinet working on CBDCs matters

Germany’s cabinet and central bank Deutsche Bundesbank are jointly working on issues related to central bank digital currencies (CBDCs).  Bundestag (Germany’s federal parliament) issued an official reply to the parliamentary group, the Free Democratic Party, which had posed six queries related to CBDCs to the Cabinet in July.

The Cabinet replied to all queries, referring important reports and surveys, including a report published by the Bank of International Settlements (BIS) in January. In particular, when questioned about its view about CBDC, the Cabinet quoted the BIS and claimed that 70% of central banks across the world are involved in CBDC related work, but only two of them have well laid out plans to introduce digital central bank money.

The Cabinet pointed out that Sweden is the only nation in the EU that is presently looking at the option of issuing CBDCs, but a final decision about CBDC issuance is yet to be reached.

 

Kyrgyzstan proposing a law for taxing crypto mining

The Ministry of Economy of Kyrgyzstan has tabled the draft law “On Amending the Tax Code” with a primary objective of taxing cryptocurrency mining. Taxation on Cryptocurrency mining is anticipated to boost budget revenues and ensure fair taxation in the country. Kyrgyzstan’s ministry of economy is currently studying two likely options to ensure taxation on cryptocurrency mining. The first option is to tax the income, while the second option is to impose expenses associated with cryptocurrency mining.

A rough estimate indicates that the government may generate revenue of about 300 million (~$4.20 million) in the form of tax on the cryptocurrency sector. The amount is significant considering the fact that the annual budget of Kyrgyzstan is only $1 billion.

Private sector initiatives

IOTA, Jaguar Land Rover, and Engie Lab Crigen tracking car energy

IOTA, which developed tangle technology, has partnered with automobile manufacturer Jaguar Land Rover to run a proof-of-concept (PoC) for tracking car energy. According to the information provided in the official blog post, IOTA is collaborating with Jaguar Land Rover and French energy R&D center Engie Lab Crigen for conducting the experiment. The experiment intends to show the general public both the source and benefit of Jaguar I-Pace’s energy at the Trondheim Powerhouse, the venue which hosts the PoC initiative.

Russell Vickers, manager of Jaguar Land Rover’s vehicle-as-a-service engineering group, trusts this PoC lays down the path for energy-conscious smart cities in the future.

Regarding the PoC initiative, Vickers said: “This agile initiative demonstrates vividly how cities can transform both infrastructure and transportation into a sustainable and mutually beneficial ecosystem. We are excited to let the public see how energy-positive buildings and vehicles such as the I-Pace in this demonstration can create positive sustainability innovation in line with Jaguar Land Rover’s Destination Zero strategy.”

The Jaguar I-Pace consist of an IOTA-backed smart wallet that could be utilized for energy charging, commonly referred to as a “Green Charging” feature. The facility enables I-Pace owners to charge their vehicles purely using renewable energy.

Furthermore, the I-Pace’s smart wallet permits users to earn IOTA by allowing the vehicle to automatically share data related to road conditions, for instance, information on potholes, traffic, and weather.  The crypto can then be utilized to pay for services such as parking, tolls, and charging.

Migros to launch blockchain system to track food supply chain

Migros, the largest supermarket chain in Switzerland, is employing a blockchain-based system to track its food supply chain. The retailer revealed the installation of TE-Food’s blockchain-powered food tacking system last week. While several retailers are employing such systems to offer transparent data to clients, Migros intends to use the technology to optimize procedures and provide better value.

Migros anticipates the latest initiative to offer more benefits than merely providing transparency for clients. Additionally, the supermarket expects the blockchain platform to offer value by facilitating easier product recalls and enhanced supply chain control.

The latest supply chain optimization is also anticipated to result in more efficient distribution and minimized food waste, in accordance with forthcoming initiatives by the European Food Safety Authority.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

 

Avatar

Andrew Wright

Prior to founding tradersasset.com in 2014, Andrew worked as a proprietary trader, then as a market maker. As a market maker, he traded options in over 100 stocks, he then began trading currency pairs in 2013. Andrew still actively trades both, and prides himself on educating and informing traders on the benefits of both Binary Options and Forex.


Related Articles

Ripple’s xRapid Payment Platform Goes Live

There is hardly any movement in the crypto market at the moment and Bitcoin (BTC) remains anchored at $6,500 levels,

KPMG, Microsoft & R3 To Build Blockchain Telecom Solutions

  The cryptocurrency market remains weak with almost all the top 20 cryptos in the red. Bitcoin (BTC) is struggling

Takasbank To Launch Gold Trading On Blockchain Platform

  The cryptocurrency market remains mixed with some of the top 20 altcoins in the green, while the others are