Blockchain is among the top technologies helping to revamp how businesses, governments and citizens operate in the modern world. With the outlook of cities across the world turning to smart technology, here’s how blockchain can play a part.
A smart city uses information and communication technology to increase operational efficiency, improve and share information and build communication between government and citizens. The information that is gathered from the public within smart cities allow the analyzation and construction of effective ways in improving their life, whether that be economic or personal.
An important factor for a smart city is energy, as blockchain technology can be used for the creation of micro-grid neighbourhoods. These neighbourhoods use a group of homes that utilise solar energy via panels. They are connected together by a network which communicate with each other, buying and selling power in real time without the need of a main energy provider. This system is not only cost effective, but environmentally intelligent in terms of cutting down energy wastage.
Another aspect which blockchain can utilize is road data. Data such as potholes, traffic congestions, accident information, can be instantly collected and sold to local city administrators who are interested in buying such data. Blockchain technology can also help welfare, with a blockchain orientated welfare system aiming to provide support to the homeless. The technology is highly effective in transparency and swift transactions. This can give an insight to governments about homelessness in location, spending habits and those that need the most help in housing and purchasing essentials.
The sectors that will be touched by blockchain are endless. As smart cities grow and develop across the world, the use of blockchain will eventually become more prevalent in our everyday lives.