Is Blockchain The Future Of Our Cities?

blockchain technology

Our cities are continuously transforming at first pace. A whole array of new tech trends are changing our urban landscape. From the likes of driverless cars to cloud computing connecting outdoor gadgets and IOT transforming indoor as well as workplace environments, technology solutions are adding value to our life in more ways than ever before. Most importantly, this transformation is happening very quickly. Blockchain is one of the latest technologies having proved its potential in changing the future of our cities.

  • The Promise Of Blockchain Technology

Blockchain as a technology can create an altogether different environment than the sharing economy based upon which public transport companies like Uber is working. Consider the resources provided by a third party and made available for general access to people facilitate these services. This is how these sharing based services basically work. What happens if this third party is not required and instead consumers and the car owners can directly connect each other through a connected chain? Well, it is precisely the promise of blockchain technology.

  • What Is So Crucial In Blockchain?

Blockchain is being dubbed widely by many experts as the next generation of internet. Is it all hype or the technology really deserves this epithet? How crucial is the advent of Blockchain for our surrounding and the overall high tech environment? To understand this we must know the key strength of Blockchain.

Blockchain basically promises a transformation to the internet of value from the erstwhile internet of information. It is not just about accessing information across different points for potential uses as it happens in internet. To make information available across diverse access points internet always needed central repository of data in the way of server computers. Blockchain replaces the need of this centralised information ledger and rather allows total decentralises the entire repository of digital
information. Thanks to Blockchain an information can be accessed from any point as per the context of use or value of transaction.

Moreover, when a decentralised ledger of information and activities are maintained, the sophisticated algorithm prevents any tampering with the data and keeps records of all subsequent activities and make every piece of data available to all parties. Thus blockchain will ensure highest transparency and integrity in making information accessible to everyone.

  • Assessing The Impact Of Blockchain

As of now thanks to its unprecedented level of integrity, transparency and accessibility, the technology is most preferred across financial institutions. Blockchain easily secures transactions with its tamper proof data chains connecting access points within a financial organisation. But this already well perceived impact of blockchain in the time to come is all set to take across other niches and areas as well. Blockchain allowing more value based and trustworthy transactions will allow robust peer to peer to network and collaboration.

Thanks to Blockchain a car can do away with a third party entrusted service and instead can directly be contacted by the passengers. The passenger can make an offer after buying the digital currency required for the transaction and a driver can choose to claim the offer and come to pick up the passenger for the ride.
The similar technology can be utilised for other urban applications. Similar technology can help consumers access energy and other public service by making a open offer to be accessed by the service providers or sellers directly.

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