8 Ways Blockchain Can Make A City Better
Accelerating urbanisation has led to the rise of problems with environmental, political and socio-cultural implications on humanity and nature. How can blockchain help to build smarter and better cities? Here are eight ways on how blockchain can help to build smarter and better cities.
National databases are undeniably prone to risks such as data breaches and hacking with many countries having fallen prey to such cyber crimes. However, the formation of an immutable, secure data ledger is possible through blockchain technology.
Voting is crucial to ensure fair and equal representation when making national decisions but the process is often implicated by issues such as difficulty in efficiently tracking votes, lack of transparency and potential corruption. With a decentralised, distributed ledger, blockchain can ensure accuracy and full transparency in voting validations and verifications.
It can be difficult for investors to find opportunities with better efficiency and returns, and for governmental bodies to find fundraising assistance for public urban infrastructure. Through asset tokenisation via blockchain, investing can be transparent, accessible and efficient for both parties.
The phenomenon that is the gig economy has inundated freelancers with many problems such as exploitation, precarious incomes and lack of rights. However, efficient and fair systems can be created for the freelancer community by using smart contracts and immutable ledgers on decentralised platforms built upon blockchain technology.
If all governmental processes can be digitised and handled securely on a blockchain-based platform, there would be no need for physical trips to send in the paperwork. That means less automobile use, less carbon dioxide emissions and less air pollution.
Blockchain can quantify energy data and emissions into digital tokens. This will not only greatly benefit rural communities with limited access to energy, but encourage more sustainable urban lifestyles and build a database for future analysis.
Just like the gig economy, the ride-sharing economy has also taken the world by storm. However, these ride-sharing platforms have reportedly noted trust issues and payment disputes. Blockchain can remove these intermediaries and facilitate interactions and transactions between rider and passenger with more safety and transparency.
With more cities adopting multimodal transportation structures for better efficiency and accessibility, blockchain can help to seamlessly handle and simplify transactional processes between various mobility service providers.