Smart city.Whenever you listen to this term, the New York City skyline flashes in front of your eyes like a Deja-vu. Isn’t it?
The concept of smart cities is built on the idea of urban development using Information and Communication Technology (ICT) and the Internet of Things (IoT) to provide useful information to manage resources and assets.
Deakin, the other of “From Intelligent To Smart Cities” stated the four factors which contribute vastly to the smart city concept:
- The application of a wide range of electronic and digital technologies to communities and cities.
- The use of ICT to transform life and working environments within the region.
- The embedding of such Information and Communications Technologies (ICTs) in government systems.
- The territorialisation of practices that brings ICTs and people together to enhance the innovation and knowledge that they offer.
It sounds just like a dream! Isn’t it?
Well, it isn’t anymore! According to McKinsey analysts, by 2020 the number of smart cities worldwide will touch 600 easily. And within the next 5 years, 60% of the world’s GDP will be produced in them.
But, according to the name of our article, where does Blockchain Technology fits in the concept of smart cities?
In this blog, we are going to explain how a smart city can literally be built using Blockchain.
In our previous blogs, you have learned a lot about the basic fundamentals of blockchain. Blockchain is a public electronic ledger that can be openly shared among disparted users to create an unchangeable record of transactions, each time-stamped and linked to the previous one. Let me walk you through the Applications of Blockchain Technology one again.
Most Popular Blockchain Applications:
When it comes to cryptocurrency, Blockchain Technology says the last word! Although there are a lot more than that which Blockchain Applications can do! Let’s take a look into them:
Unlike traditional final services, users find blockchain finances more user-friendly, cost-effective and transparent. Blockchain Technology can be used in creating smart contracts and smart bonds as well. Blockchain Financial Services can be used in Asset Management, Trade Processing and Settlement, Insurance claim processing, Cross border payments, etc.
Smart contracts are digital contracts that are embedded with an IFTTT code and are self-executable. You can use smart contracts for all sorts of situations, such as financial derivatives, insurance premiums, property law, and crowd-funding agreement.
The Blockchain Ledger provides a platform for responsive open data. It can provide a self-management platform for offices, businesses, and NGOs and become a huge help at the time of election as well.
Blockchain technology protects your identity by encrypting and securing it from spammers and marketers.
Blockchain provides you with digitized identifications like passport, birth certificate, wedding certificate, death certificate, and personal identifications.
By now, you have an idea about how upcoming smart cities can use Blockchain to develop infrastructure. Let’s have a look into where exactly Blockchain would be useful.
Blockchain For Smart Cities:
You may be aware how Dubai is aiming to be the first Blockchain smart city in the world by 2020.
But is this practically possible? How can cities run on Blockchain completely?
Well, the main pillar of any smart city depends on 6 S-
- Smart Governance
- Smart Economy
- Smart Mobility
- Smart Environment
- Smart People
- Smart Living
By analyzing the applications of Blockchain and it’s benefits, we have found out a vast number of ways to implement Blockchain for smart cities to achieve these 6 S as a goal. Let us give you a brief about them!
Concept of IoT Can Be Used:
Any material object is an Internet of Things when it has an on-off switch and connects it to the internet and to each other. By being connected to the internet, it becomes more than just an object, it becomes a people to people, people to things and things to things connector.
The Blockchain ledger provides security to this Internet of things. With billions of devices linked together, cybersecurity experts worry about how to make sure this distributed information stays secure. Also, there is a problem of how to organize and analyze this massive amount of data.
The Blockchain technology makes sure that the pieces of information are released only to the trusted parties.
When it’s the time for the election, hackers can manipulate votes by rigging the electronic system. The Blockchain ledger would prevent this since all the votes will be encrypted. Also, individuals will be able to check and confirm who they voted for privately.
According to a 2013 report of McKinsey, open data, freely accessible government, sourced data that is available on the internet for people, can make the world richer by $ 2.6 trillion. The Blockchain ledger provides the government with a platform of responsive open data. Don’t you think this concept of a transparent government helps in a huge way when it comes to smart governance?
Safe Payment And Money Transfer:
This is probably the best and most loved usage of the application of blockchain. With the help of end to end Blockchain power remittance services, you can transfer money to anywhere across the world!
Also, since all the payments are online, blockchain takes responsibility for cybersecurity as well. Due to the decentralized nature of blockchain, it follows peer to peer data process, making it impossible for hackers to track the information.
Also, blockchain manages the traction of digital identities secure by using a digital signature.
Hence, the goal of a smart economy can easily be achieved!
Whenever you are going for an interview, filling up an examination form or opening a bank account, there are a lot of identity cards which you have to carry,
With the help of Blockchain Technology, you can now simply click a picture of yourself and stamp it with a public and a private key. They both are encoded to prove it is legitimate. The identity will be stored in the ledger, given a bitcoin address with a public IP.
Blockchain Technology is spreading over the world like a wildfire. The Arab Emirates, Estonia, and China are using Blockchain technologies as a secret pickle to their smart city ingredient.
Within 2020, Dubai as well is claiming to be the 1st complete blockchain operating country of the world.
Do you too, expect Blockchain boost for city development? What are you waiting for then?
Visit our Blockchain Professional Certification , choose the course you want to opt for, and take charge of the next revolution!