Cryptocurrencies in Smart Cities

As developers around the world realize the potential of Blockchain technology, they are trying to expand its scope. Many nations are coming forward to recognize cryptocurrencies like Bitcoin. They endeavor to develop new technology based on Blockchain.

The cities which have incorporated Bitcoin or Blockchain in their daily spheres of life are called Smart cities. No city has been able to fully equip itself with the myriad benefits of Cryptocurrencies and Blockchain. Many cities have adopted such measures and increased the acceptance of Bitcoin. Using Bitcoin would directly contribute to the steady rise in Bitcoin's value over time. It provides a detailed understanding of how an investment works visit home page.

Scope for Blockchain Application

There are many areas where Blockchain technology and Bitcoin can contribute immensely to the running of a nation.

Waste management can be done using Blockchain technology. With this technology, one would know when a particular waste bin in an area is filled. The contents of the waste bin will be immediately emptied. This maintains the hygiene of the area. Maintaining a prompt waste disposal system will ensure cleanliness.

A similar approach has been adopted in Argentina, where the Government is rewarding responsible citizens for recycling. The rewards distributed are in the form of cryptocurrencies. They are allowed to pay their corporation taxes using Cryptocurrency.

A software engineer from Ireland is trying to develop a Blockchain managed self-driving car which will be rented out while their original owners remain at work. Since they are supposed to be self-driven, the passengers may or may not drive. The engineer envisions this project to be a success, where the passengers pay in cryptocurrencies. The transfer of information is regulated using Blockchain.
A Croatian electric bike company named Greyp is trying to initiate the use of cryptocurrencies in everyday lives. It has been trying to come up with a system where each vehicle comes with a digital wallet. This has only been possible due to Blockchain.

Smart Cities in Progress

Few areas where smart cities have already started considering the invaluable use of Blockchain and cryptocurrencies are as follows:

In certain Brazilian countries, Bitcoin is accepted even on a bus. A commuter can pay their bus fare using their Bitcoin wallet. This is a huge leap towards making Cryptocurrency a part of their everyday lives. These nations have made paying so convenient for the citizens that they also accept payment through credit and debit cards. This makes it possible for them to travel cashless or during times when they do not have change.
In The Netherlands, public offices and municipalities have put Blockchain technology to practical use. While applying for residency in a particular area, the municipalities will be able to check the data using Blockchain. Every single piece of data will have to be uploaded on the public ledger. There are probably unique IDs that make these procedures less troubling.

Using this process, the municipalities will be able to cross-check information as provided by the applicants and conclude accordingly.

China has developed several smart cities. All of them are connected by a digital identification system, facilitated and regulated by Blockchain technology. There is an easy flow of information among the cities. Each city has unique identification numbers. These codes cannot be tampered with. The codes are the gateway to confidential information concerning the cities.

China is trying to build as many smart cities as possible. With the help of Blockchain technology, China has leaped ahead of several developed nations. The incorporation of this technology has made a lot of difference in Chinese welfare.

Conclusion

The contribution of Cryptocurrency and Blockchain technology is many. Developers are coming up with newer ideas every day to expand the scope of Blockchain and its usage.