Blockchain is definitely one of the most influential technologies of our time. This, despite naysayers pulling Blockchain down every chance they got. With the increased focus on the Smart Cities, Blockchain has found a new application.
Many cities across the world are busy experimenting with blockchain technology to shape the urban future. However, the blockchain industry is just coming out of infancy. There is a significant gap between the current status of the technology and the plans urban policymakers are making.
For those not initiated in blockchain application in smart cities, a high-level use case is about the influence that it can have on the four pillars of urban sustainability: social, economic, environmental, and governmental.
For the past decades, numerous urban sustainability and smart cities frameworks have been proposed. They provide tools to help urban policymakers make decisions, take actions, and assess the cities’ progress towards a more sustainable future.
Recently, researchers started to advocate the notion of ‘‘blockchain cities’’ as the next wave in transforming the urban context to meet the urbanization challenges.
It is a global phenomenon with cities in Australia, China, Denmark, United Arab Emirates, Estonia, Georgia, Ghana, Honduras, Malta, Russia, Sweden, Singapore, Spain, Switzerland, United Kingdom, Ukraine, and United States (US) taking blockchain-related initiatives.
Areas, where blockchain is most effective, are Governance and Citizen Engagement, Education, Culture, Science and Innovation, Well-Being, health, and Safety, Local Economy, Transportation, and energy.
Blockchain application has been used to bring down graft. In fact, apart from bringing down administrative sots attacking graft is one of the major victories for Blockchain. Blockchain technology, if adopted by the education institutes universally, will help maintain an immutable record of the educational process. This is something that the HR community has been rooting for.
Local healthcare can benefit greatly if there can be a private blockchain to assist better healthcare locally. This could be counted as a pilot project for a larger deployment. It can ensure transparency of medical data, standardization of analytical methods, and reproducibility of results.
Local economies can come up with their crypto tokens to fund local developmental work and payback with the revenue generated or saved through such development. Something like Blockchain bonds.
I will keep writing about the initiatives that are shaping smart cities and I hope we keep talking through our blogs.