Blockchain is far from exclusive to cryptocurrency. Smart cities have a lot to gain from the technology and can thrive with its application.
As the 21st century marches on, one of the industries benefiting the most from digital technology is city building. Smart cities use the latest information and communication technologies for citizens to share information, improve operational efficiency and provide better quality government services than ever before.
It’s believed that blockchain smart contracts can automate aspects of city management
Smart cities are urban areas that use advanced technologies such as sensors, data analytics, and the Internet of Things (IoT) to improve the quality of life for their citizens. As these kinds of cities grow and become smarter, managing the vast amounts of data generated by IoT devices raises concerns about privacy and security. Blockchain technology can provide a secure and transparent way to manage data and administrative processes and improve safety. It can play a significant role in developing smart cities and the IoT.
Read more: What role can blockchain play in developing smart cities and the IoT
Blockchain use can save lives, build smart cities and boost data privacy. But before it can do any of that, it has to step out the shadow of dodgy cryptocurrencies and multi-million digital art deals.
Blockchains keep confounding tech-watchers. In a way, blockchain use is bigger than ever before. At the same time, it is as underrated and misunderstood as it was in 2008 when the mysterious Satoshi Nakamoto published their groundbreaking paper on bitcoin, kicking off the cryptocurrency revolution. The use of non-fungible tokens, or NFTs, has only intensified matters this new decade.
Read more: Blockchain use is about more than NFTs and dogecoin. It’s about you
Governments will not only use blockchain for fundamental services such as identity and voting but as a framework for economic growth.
Governments are tasked with bringing fair and efficient services to the public. Unfortunately, providing transparency and accountability often results in a reduction in efficiency and effectiveness or vice versa. Governments are usually forced to choose to improve one at the cost of the other. On rare occasions, technology comes along that enables governments to improve fairness and efficiency.
Read more: Blockchain will transform government services, and that’s just the beginning
The Mobility Open Blockchain Initiative (MOBI)'s Vehicle Identity (VID) II Working Group unveiled the second part of a vehicle identity standard that uses blockchain technology, according to an announcement.
MOBI is a nonprofit alliance that includes automakers, startups and smart city leaders, among others, working on standards in blockchain, distributed ledgers and adjacent innovations, per the announcement.
Read more: MOBI Releases Second Installment Of Blockchain Standard For Vehicle Identity