Decentralized techs are the pillars for “Smart Cities”.

Blockchain technology is the backbone for the success of smart cities. The trend of smart cities is steadily growing across the globe. These cities aspire to provide secure and technologically advanced experiences to the residents. Working on providing digital payment infrastructure for essential services like water, electricity, etc over pipes, cables, and fiber.

Singapore, Dubai, and Oslo are some of the rapidly growing smart cities. Singapore uses sensors to collect traffic data digitally and at the same time focus on the use of smart home technologies to address issues such as waste management and energy efficiency.

The Smart City concept works toward enhancing city functions and promoting economic growth using advanced technologies. Not only increases the work efficiency but helps to achieve sustainable goals including energy efficiency and scarce resource management and, above all raising the standard of living of the citizens.

Data breaches have been increasing significantly and web application breaches doubled between 2019–2020. Smart city initiatives need to address these data privacy and security concerns, otherwise, participation in them will be hindered by concerns from citizens about how their data is being used when adopting the technology.

DLTs, distributed ledger technologies to be introduced under the smart city scheme for large-scale transactions without compromising the security. Germany is planning to create “Industry 4.0”- a machine for digital cash for quick payments.

Big cities like Dubai, Beijing, and Singapore will be benefiting from the micropayments. But before that fast and secure DLT-based financial infrastructure will be installed like the pipes, cables, and fiber optics of other utilities, allowing the flow of micropayments to be commercialized and vital for all new cities.

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Decentralized techs are the pillars for “Smart Cities”.

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Written by Shivalikrishali