Back to Basics: Blockchain in Cities

Part of the reason blockchain is taking the world by storm is that it improves the standard of living in cities- where the large majority of a country’s population resides. Over the last decade, public’s trust in lawmakers has plummeted due to a variety of factors such as explosion of digital information, digital misinformation and abuse are factors that play a key role in this trend. However, in an effort to restore trust, leaders are turning to more digital based solutions to stay relevant, and blockchain falls perfectly into that category.

So how would the implementation of blockchain positively impact the running of a city? Well, for one, simple day-to-day activities would be accounted for and made a whole lot easier. Like, “smart” spreadsheet listing and time stamping each new bill paid, each purchase made, or each vote that has been cast etc. By using blockchain, it will also push cities to work with local businesses, and empower them to invest in improving efficiencies across multiple fields, such as transportation, energy and political happenings. The way residents will start business and structure investments will also change with the use of blockchain.

On a more technical level, blockchain will also up the ante in terms of accuracy and accountability, due to the sheer characteristics of blockchain- it truly does ensure that there is no tampering. Also due to the nature of blockchain, those who own and generate data will now have a new sense of control over it as individuals could rent out their personal data for specific purposes with time limits. Payment would also be instant and data would automatically be erased on the set date. Blockchain also stands to strengthen local energy initiatives and will help to create the infrastructure for autonomous vehicles to be deployed around the city, for things like shipping and logistics.

As aforementioned, citizens have low trust in the government, but continue to hold high expectations. Blockchain would greatly benefit the residents as it can change the public service delivery and operation, and also streamline coordination across departments and public/private entities. Cities stand to benefit not just from increased efficiencies with low costs but also it allows for the economy to grow from strength to strength in terms of integration and participation.