How Blockchain Systems Could Bring About The Age Of Smart Cities

Various technological up-and-coming trends are projected to have a massive impact on our everyday life in the following years. Yet, of all the technological breakthroughs we might shortly start incorporating into our lives, no other holds the same kind of promise like blockchain.

In a nutshell, blockchain is primarily a decentralized encrypted database that functions as a distributed and unassailable collection of information. It’s capable of creating peer-to-peer digital records that are astonishingly secure and easily accessible. This enables us to make decentralized digital ledgers and share them across a network of computers without the need for a central authority to supervise or manage it.

Many go as far as to call blockchain a second generation of the internet, explaining this point of view by stating that blockchain is a transformation from an internet of information to an internet of value.

Aware of the disruptive potential behind the technology, many cities around the globe have already started to see and use this technology as the foundation of plans to enhance urban living. Headlines are being filled with blockchain innovations from locations like Dubai, which implemented the first blockchain-powered government, and Moscow, which recently became the first city to use blockchain in an e-voting system.

How Blockchain Can Improve Our Everyday Life

Judging by what we’ve seen so far, blockchain disruption will not be reserved for innovations of the highest scope like the ones that took place in Dubai and Moscow. We can also expect everyday life activities to take a massive leap forward.

For instance, let’s take a look at a few examples, provided by BitFortune in the infographic below.

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Blockchain could provide virtual, fully functional and completely secure storefronts for brick and mortar businesses. Retailers, restaurants, and other similar service providers could establish a platform for peer-to-peer transactions, payments, and identification services.

Some cities have announced plans to use blockchain in order to build engines for locating and obtaining services, which would allow customers to filter best prices and deals.

Arcade City, a global community devoted to developing peer-to-peer services, is preparing to launch a ride-sharing service running on blockchain. Customers will be able to use digital currency to create an offer and commit virtual funds for the ride. A driver will then accept the offer and pick up the passenger, while the blockchain system will automatically release the funds as soon as the user acknowledges completing the ride.

A few energy startups across the globe have created peer-to-peer platforms that allow consumers to offer up excess energy, generated through the solar panels, by using blockchain and receive digital currency in return for the power they saved.

Furthermore, these platforms do not need to go through the energy provider thanks to the decentralized nature of the blockchain technology.

Of course, the aforementioned examples are just the tip of the iceberg as the concept of using distributed public record technology can be applied to a wide range of urban applications, so expect to see some radical changes in the near future.

Industries That Have Already Started to Feel Blockchain Disruption

The blockchain technology is not only rapidly evolving, but it has also already started to make waves across various sectors. The following infographic will introduce you to 16 different industries projected to take massive turns and shifts as a consequence of blockchain implementation.

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So, without further ado, let’s take a sneak peak of what the blockchain-powered future may look like.

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