Updated: Mar 8
At the time I write this, blockchain technology is just beginning a period of projected exponential growth. It has already become a go-to in global smart city applications. However, understanding this new technology amongst city leaders and even entrepreneurs lags behind the vast amount of information available. In this report, I want to address that gap and share with you why I believe blockchain could be one of the most disruptive new technologies since the internet itself.
While a number of cities, governments, and corporations around the world have embraced blockchain, piloting blockchain initiatives, developing use cases, and planning for the future, a much larger number have not yet explored blockchain options. While there is a general buzz about this new technology, I estimate that a large percentage of city leaders still aren’t clear about the basic features of blockchain and what sorts of solutions it will be optimally positioned to bring.
As blockchain solutions spread, I predict that many global city leaders will soon need answers to some basic questions:
What is blockchain?
Is it a program or a code?
What differentiates it from existing digital technology?
What are the safety risks involved and how can we minimize them?
Who will control the data?
Will this technology be able to adapt to the growing needs of cities?
What business models will be optimal for future blockchain development?
What will the costs be?
Where can we begin in order to understand this new technology?
As the composition of global society changes and cities grow in the near future, current infrastructure issues will only be compounded. Cities will be faced with new challenges, and outdated systems will be taxed in sectors as diverse as housing, utilities, employment, property, technology, healthcare, and many more.
In recent years, thought leaders have fomented a global movement to proactively address these challenges and push cities toward positive growth, utilizing technology to optimize outdated services and streamline an urbanizing world. While in the past this has often been initiated by those in positions of power, more and more changes have included partnerships with start-ups or citizen co-creation.
Blockchain is one of the new technologies that innovators have begun to consider for proactive solutions in many sectors that allow governments, citizens, and enterprises to participate in changes together.
This special report from Urbanite Venture will help explore the whys and hows of blockchain and answer these questions as we examine the potential for this technology to transform cities and redefine smart city applications. Download the entire report as a free PDF ebook.