Technology has a significant influence in the emergence of smart cities as a hot subject in contemporary urban life and new developments for the foreseeable future in terms of city design. Understanding the benefits and opportunities that various technologies may offer is crucial, since smart cities rely on technology to improve accessibility, infrastructure, sustainability, government services, for the lives of its citizens. Today, we would like to take a closer look at the various ways that Blockchain Technology might positively affect the growth, support the growth and presence of smart cities in a variety of ways.
First and foremost, we need to understand what Blockchain is. Blockchain is a distributed ledger, which lets network participants share data in a trusted, transparent and tamper proof way and without the need of a third party acting as an authenticator.
Data Exchange & Financial Transactions
Arguably one of the “easiest” reasons for implementing Blockchain is to use it as an easy and secure way to exchange data and to facilitate safe, borderless financial transactions.
This lets businesses become faster and more efficient in many day-to-day tasks, as the need for third party authentication is no longer needed. Moreover, financial transactions can be facilitated regardless of the time of day or currency one wants to transact in. With a blockchain based payment system, people are not dependent on the opening hours of banks and do not have to face currency conversion transactions.
With activity on blockchains inherently being trackable, the transportation sector can hugely benefit from its implementation. One example can be creating a secure vehicle tracking system, where owners can act better and faster, in case their vehicle gets stolen. Further, building such a network, where vehicle data gets stored on the blockchain the sale and resale process of vehicles gets enhanced, as a record of all the information about a vehicle is safely stored and accessible on the Blockchain.
For more info on an initiative, which is using blockchain technology to build an urban mobility alliance, check out https://bloxmove.com/.
Further, https://dlt.mobi/, is developing the Web3 digital infrastructure for connected vehicle and IoT commerce, with the goal of making “transportation more efficient, equitable, decentralized, and sustainable, all while preserving the data privacy of users and providers alike”.
Real Estate Ownership
Blockchain can provide a secure database with all the information about a property and its history in one place, and further ease up the buying and selling process through the use of smart contracts.
All in all, smart city developers should seriously consider taking advantage and incorporating as many technologies as possible, when planning and establishing a smart city.