Rather, the term refers to a future-oriented urban development process that hooks emerging cutting-edge technologies to attain optimum operational efficiency. Today, smart cities have turned out to be a killer use case of revolutionary blockchain technology.
U.S. states like Wyoming have gone so far as to frame regulatory frameworks to integrate a 21st-century technology like blockchain in the city’s systems. Dubai has discovered more than 20 blockchain use cases across eight industry sectors along with the development of a blockchain regulatory environment.
Implementation of blockchain in the smart city ecosystem
Blockchain has been found immensely useful in the following areas, and this is just the beginning:
Healthcare requires voluminous transmission of data between healthcare providers and insurance companies. This information is private and requires a high level of security. Blockchain technology protects data integrity, shared access, and transparency. Blockchain also decentralizes data, enhancing data reliability and efficiency of data transmission.
Blockchain has turned out to be a major efficiency booster in supply chain processes. It augments the flow of goods and services between various points of networks within the city. The technology helps trace business transactions in real-time to ensure that due process has been followed in the delivery of goods and services. Blockchain helps reduce uncertainties, operational inefficiencies, and information asymmetry.
As statistics reveal, half of the world’s population already lives in cities. These numbers continue to grow as more move to the urban areas searching for better opportunities. It is inevitable that cities turn towards technology like a blockchain to improve administration. For instance, the technology brings unprecedented transparency into the system and reduces cases of false reports in public offices.
Blockchain beefs up the ‘smart’ quotient of smart cities, making it as efficient as possible. It removes all the fuss and makes smart cities smart in the real sense.