Fantom, the Nervous System for Smart Cities
When Fantom’s project first started, we promised to change the world with a blockchain technology that is fast, secure, and scalable for everyday use.
Today, Fantom is proud to announce our expansion strategy of going “beyond blockchain” by becoming the IT infrastructure backbone to complex high data generating industry that requires both large quantities of data and speed. Some of these industries would include public utilities, smart living products and services, healthcare, education, traffic management, resource management, and environmental management.
The majority of those enterprises are service providers to smart cities. Therefore, before other industries, let us delve into how Fantom will become the nervous system to smart cities.
Here’s a video presenting different areas of smart cities that Fantom can innovate:
Why Smart City?
Cities have come a long way. Normalization of electric devices and incorporation of automation have significantly improved residents’ quality of life. However, our traditional cities are still plagued with inefficiency, isolation, and limitations from disconnected management. Here, we believe that Fantom can offer a real, viable connectivity for various industries within cities to become the cure for those problems.
Opportunities for Fantom
In solving these problems, we recognize the real opportunity in the future. Cities around the world are growing faster than ever. As cities grow more populated, the problems from inefficient, isolated management are magnified. Hence many prominent cities around the world, such as Seoul, Dubai, multiple cities in China, India, and Europe are all accelerating their effort to build more connected and automated cities. In fact, the projected market size for smart cities is estimated to be $2.57 trillion by 2025 according to Grand View Research. And we believe that nothing is built more suitable to thrive in this market than Fantom.
What will Fantom’s Smart Cities Look Like?
Fantom smart cities aim to change our lives for the better by creating data sharing network that connects every corner and aspect of existing solutions in city living. This will be made possible as Fantom can connect all service providers’ and IoT devices’ data and execute smart contract with lightning fast confirmation time and near zero transaction fees.
Examples of smart city applications are numerous. Outages in electricity will be immediately sensed with repair services notified simultaneously via smart contract. People can monitor and manage their resource consumption while smart contract will make payments automatically. Traffic congestion would be a thing of a past, now that interconnected autonomous vehicles can coordinate to make efficient and seamless traffic network. In other words, every component of a city would work together to save you time and money, so that you can focus on things that really matter to you, like spending time with your family.
Smart Cities and Blockchain
As our lives become increasingly integrated and reliant on “smart” devices, the total aggregation of data produced is growing exponentially. As such, the ability to collect and store those data that people can depend on without fear of manipulation and tempering is paramount. However, the limitations of conventional technology plagued with inefficiency and isolation called for a new technology, such as blockchain, to bring us forward.
Fantom is different from other blockchains. Our DAG based OPERA Chain powered by our very own Lachesis Consensus Algorithm align perfectly with the use cases for smart cities. Fantom’s unique technology allows processing of huge quantity of data at near real time speed while ensuring immutability and security. Combining the smart contract capabilities that allows greater, seamless automation, it became clear that Fantom will play a vital role in bringing efficient, interconnected, and “smart” cities into reality.
Fantom’s potential is not limited to just smart cities. Fantom will expand much further by becoming the nervous system for each and every aspect of what makes a smart city. In other words, Fantom will become:
- The nervous system for smart cities
- The nervous system for public utilities
- The nervous system for smart living
- The nervous system for healthcare
- The nervous system for education
- The nervous system for traffic management
- The nervous system for resource management
- The nervous system for environmental management
Fantom will become the IT infrastructure backbone for the above complex and significant industry applications requiring large quantity of high speed scalable solutions.
All of these industry sectors contribute to the successful development and management of smart cities. And the ability to collect, store, secure and provide permissioned access to shared data across these industry sectors provides unique opportunities for smart cities to develop new and innovative services.
This is only the beginning. We promised to make a positive difference in people’s lives. By transforming cities and subsequent industries for substantially higher quality of life, Fantom will become an inseparable network protocol in people’s lives.
More articles will follow with detailed and thorough explanation of how Fantom plans to change diverse industries and make positive differences in the world.
To make sure you don’t miss any of them, follow our official channels below!
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