Fantom Foundation Update: Smart Cities
By David Freuden, Fantom Innovation Labs
In parallel to Fantom’s technological development, the Fantom Innovation Team continues to research business cases best suited to the technological advantages of an asynchronously byzantine fault tolerant system such as Fantom .
The opportunities identified as ideally suited to Fantom’s Directed Acyclic Graph technology deliver significant scale, long term growth and are replicable into other geographical markets. Additionally, these opportunities have helped refine Fantom’s positioning as well as the industry verticals and partners Fantom will work with.
Fantom’s DAG technology is well suited to be to act as an IT infrastructure backbone for large scale complex use cases where data immutability, secure storage and high speed consensus. Fantom will identify and focus energy into building relationships with industries and use cases that are in high growth, who actively research and invest in blockchain solutions.
Using the criteria mentioned above, Fantom has identified Smart Cities as the category of focus. Components of a Smart City include Renewable Energy, Water, Transport, Waste and Telecommunications networks. Equally suitable to Fantom’s DAG technology are Smart Homes, Healthcare, Education, Resource and Environmental Management.
All of these industry sectors share one commonality — they are all focused to deliver solutions to smart cities. Fantom has been researching multiple use cases and partnerships around the world for delivery of IT Infrastructure backbone for a multitude of smart city applications.
The Smart Cities market size will be worth $2.57 Trillion By 2025 and experience a CAGR: 18.4%, according to Grand View Research.
Governments are increasingly proactive and supportive of smart city initiatives to develop tech-driven solutions that will bring smart cities to life; creating pilot programs, sandboxes, funding grants and tax incentives to attract participation from global industry.
Several countries have already started making significant moves towards smart city initiatives. These include China, Korea, Norway and Dubai. Two core drivers to the rapid growth of smart cities are IoT devices and smart device interoperability:
- IoT Devices: Gartner estimate a total of 9.7 billion IoT devices will make up the typical smart city by 2020. Smart cities must securely collect, store and manage this data, while ensuring the data remains accessible to users of the networks — a well suited application for the DAG technology.
- Smart Device Interoperability: Seamless connectivity between users and network devices is an essential feature of smart cities, allowing the user to see the full benefits of a smart, connected city.
FANTOM HEADING TO FUTURE BLOCKCHAIN SUMMIT IN DUBAI
In February 2019 Dubai launched their SmartDubai initiative to coincide with the Future Blockchain Summit which starts on 31st March 2019. With over 14,000 attendees from over 130 countries it is the world’s largest blockchain festival.
Fantom’s CEO, and the Sydney-based Innovation Team will be attending the summit to meet with many of the participants and smart city partners.
REFINED BRANDING + POSITIONING
Along with Fantom’s refined focus and defined use cases, we too have refined our branding and messaging to align with these changes. We need to help our community better understand the specific use cases and applications of Fantom’s DAG technology. Fantom’s intends to become the IT Infrastructure for smart cities and the industries that service smart city residents.
Fantom — The Nervous System For Smart Cities: Series
Over the next few weeks we will publish a series of articles covering the specific use cases of Fantom’s DAG technology, showcasing different industry deliverables that are currently being researched within smart city ecosystem. These case studies will be based on real use cases from our discussions with potential partners and participants engaged in smart city development, covering applications where Fantom can offer an IT infrastructure backbone within a smart city ecosystem.
‘Fantom, the nervous system for smart cities’ series
Over the coming months we will be publishing a series of articles sharing with our community the various specific use cases and applications where Fantom can offer an IT infrastructure backbone within smart city ecosystems. These case studies will be based on real use cases from our discussions with potential partners and participants engaged in smart city development.
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