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Successful smart cities will be impossible without decentralized techs

Published 10/10/2021, 03:11 AM
Updated 10/11/2021, 05:00 AM

Smart cities are steadily garnering attention worldwide as they become points of aspiration for many jurisdictions. There is a very clear relationship in these urban utopias between the citizens for whom they are built and the systems, networks and devices that enable their safe, secure and efficient operation. Most importantly, they will be built on entirely new financial technology infrastructure that supports the flow of micropayments over financial “plumbing,” in a similar way that other essential utilities (water, energy, data, etc.) flow over pipes, cables and fiber.

The principal aim of a smart city is to optimize city functions and promote economic growth by leveraging cutting-edge technologies. Smart cities seek to increase operational efficiency, achieve sustainability goals such as energy efficiency and scarce resource management and, above all, improve the lives of the citizens within.

Rob Allen is an entrepreneur in residence at Electronic funds transfer at point of sale (EFTPOS) Australia. Rob is involved in a number of different DLT projects, serving as a Governing Council Member of Hedera Hashgraph and a director at supply chain DLT firm Datahash. Rob is also the CEO and founder of Nodl, a consultancy focused on sustainable development applications of blockchain technology, adding to the expertise he has within the sector.

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