New Normal, Digital Transformation, Industry 4.0
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Smart-city and Blockchain
Fifty-five per cent of the world’s population live in urban areas, and it is expected to increase by 68% by 2050. In combination with the overall population growth, will add another 2.5 billion people to major cities over the next three decades. These cities in exchange majorly contribute more than half of the world’s GDP. Therefore, to harness upon the opportunity of value, municipal governments and state governments are leveraging emerging technologies in different capabilities to connect and improve infrastructure, efficiency, convenience, and quality of life for its people. It is estimated that by the year 2021 the number of smart cities will reach 600 worldwide, and five years later, smart cities will produce almost 60 per cent of the world’s GDP. Digital emerging technologies could therefore become the engine for this economic progress, and Blockchain, without a doubt, could be one of them.
Multiple reports have stated that in the next 5-7 years, the smart city industry will witness a tremendous boom, and the market is expected to reach a valuation of over $400 billion. Due to the diverse nature of devices and heterogeneity of data involved in smart cities, ecosystem blockchain is considered an apt technology towards building the required infrastructure and providing better governance. As per our internal research, the emerging technology itself in various sectors provides a value of $1Bn over the next five years. Hence ETgarage through its product stack and tailored specific blockchain solutions can easily integrate with the development of a smart city, where the following procedures are followed.
Right from land registration, logistics, healthcare, power distribution, banking, certificates (birth, death, education, residential) to other governance-related areas, below are some of the ways that Blockchain could be used in smart cities:
Value for Stakeholders: Blockchain in smart cities will allow governments to have more direct models of participation for citizens, offering greater access to public information and providing security and transparency. The value of Blockchain for smart-city can henceforth be categorised into three categories in particular: –
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