How does the real world profit from blockchain? - The Smart Coin City Idea

Blockchain and cryptocurrency are useful for several applications in smart cities.

You’ve probably heard a lot about smart cities and how they could drastically change how people live. Smart cities have numerous components that make...

Outline:

• 7 Uses of Blockchain and Crypto in Smart Cities - Smart City Hub
• 3 Current Practical Applications
• 4 Examples of Looking to Crypto and Blockchain for the Future
• A Bright Future for Blockchain and Cryptocurrency-Centric Technologies

Smart City Hub: 7 uses of blockchain and crypto in smart cities

Blockchain technology is being used in smart cities around the world. Governments are using it to improve efficiency, reduce costs, and create new opportunities. Some cities are even trying to use it as an alternative currency. Here are seven ways blockchain can be used in smart cities.

1. Using Blockchain Technology to Improve Efficiency

In some cases, governments are looking at using blockchain technology to improve efficiency. For example, the city of Dubai has been testing out a system where citizens pay their municipal taxes by scanning QR codes on receipts instead of filling out lengthy forms. This saves time and money for both residents and government officials. The government also uses this data to track spending and ensure that funds are being spent appropriately.

There are three current practical applications for this technology.

A proof of concept that uses the blockchain to verify legal documents administered by a city in The Netherlands. The system allows a citizen of an area to show official records proving residency to a housing organization without having to visit the local government office. This app is open source and available to any municipality who needs to check public records.Smart cities should offer different payment methods. People should have flexible payment options when visiting stores. A blockchain based ID system allows for easy information sharing among smart cities.

The city of San Francisco is working with IBM to develop a blockchain-based platform that will allow citizens to access services like health care, education, and employment. They plan to launch the first phase of the program next year.

The city of Seoul, South Korea is developing its own cryptocurrency called “Seoul Coin” which will be used to pay for public transportation fares. It will initially only be accepted at two stations but eventually will be expanded throughout the entire city.

Here are four examples of looking to crypto and blockchain for the future.

Self-driving cars could be rented out by users who want to avoid driving. Cryptocurrencies could be used to pay for the rental. Carpooling could also be done with the help of the blockchain.Dubai is going to become a major place for cryptocurrencies and the blockchain. Three initiatives are being developed that examine how Dubai could solidify its role as a cryptocurrency hub. A UAE based company called Greyp recently teamed up with two blockchain startups. They intend to develop a system where each vehicle has a digital wallet and allows users to pay for things without using cash.Riders could use it to pay for tolls, cover their rent, or deduct charging costs. A company could track which bins get filled and then make sure the garbage inside gets disposed properly. Governments could reward people with cryptocurrency for recycling. Individuals could pay taxes and municipal fees using crypto, or buy merchandise with it.

Blockchain and cryptocurrency-centric technologies are poised to become major players in the future of technology.

Most of the crypto and blockchain usages above could help develop and enhance cities that aren't officially defined as'smart'. Any progress with these applications could quickly spread to and impact smart cities. It's impossible to say when some future uses may become mainstream. But they're fascinating regardless. Whether you're a person in a smart-city leadership role or have a persisting curiosity about what's ahead for smart cities, it's important to plan to stay abreasd of the various possible ways to use the blockchain & cryptocurrencies to improve the quality-of-life for citizens and ease the burden local officials often face.

Conclusion

The Blockchain is here. The Technology is here to stay and shape the world as it is. New places are arising. We are at the edge of a greater tomorrow. Where is all of this lead and how can we all profit from it? Smart City Coins could show as a direction.

See you next time. - J.K

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