Why Blockchain is Important for City Development?
As the cryptocurrency continues to change the financial system, its underlying blockchain technology retains its potential to revolutionize our society by connecting people within a blockchain network to further automate data transactions.
Automation is highly beneficial for cities, and data exchange is critical for automation. However, our current system of contracts is insufficient to ensure the security of massive data transactions. Thus, companies and individuals are reluctant to share sensitive data.
Blockchain technology was created to solve this problem. By connecting people and companies to a highly encrypted framework, blockchain allows them to exchange data securely and confidently; therefore it enables society to become more automated. For instance, when a person takes an autonomous electric taxi to a shopping center, blockchain technology can facilitate the exchange of data between the customer, the taxi, and other related parties. The taxi can then follow the fastest route while simultaneously locating a charging station close to its destination. The customer can be billed automatically, and can also receive push notifications from social media containing discount information about nearby shops.
However, although the blockchain holds immense promise for the future, it is still an emergent technology, which requires time and resources to mature.
