Is there space for cryptocurrencies in smart cities?

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Md Nazirul Islam Sarker Popular answer

Cryptocurrencies are controlled by blockchain technology. It is supposed to launch in the renowned smart cities in the world like Dubai in UAE, Estonia, China and USA.

Md Nazirul Islam Sarker

Bhaskar Tripathi

More than Crypto, it is the BlockChain based approach which is the next step of the events happening in Smart cities. Cryptos are just tokens of Blockchain architecture.

https://www.extremetech.com/extreme/265796-blockchain-approach-smart-cities

Azam Pasha

There are two aspects to consider to answer this question - 1. Crypto-currencies 2. Digital assets. The c crypto-currencies bring currency and technology to deliver value to the buyers and sellers over a platform that is 'comparitively' safer, faster and cheaper than what we presently have available through banks, but this benefit comes at a cost (in terms of risk) which is that this platform is unregulated, which means that if you loose your currency you have no authority to report and to seek legal action from. This crypto-currencies can exist without the need to be in a smart city or conventional city.

Digital assets are similar to crypto-currencies in behavior and are transacted through similar block chain platform but can have any underlying asset that can be transformed into value that can be exchanged between a buyer and seller. Digital assets will have a strong role to play in smart cities as huge amount of information that is generated can be transformed into digital assets of value.

Vishal Geete

Crypto-currency can be one choice which may be in the future but before accepting it as official currency lot may regulatory preparations are required.

Madhusudan Singh

Crypto currencies can be one option to use for some specific areas but I believe Blockchain based Reputation System may more effective in smart city.

Horst Treiblmaier

Blockchain technology has a lot of potential to transform cities into smart cities by turning them into autonomous units. Cryptocurrencies are just one piece in the puzzle. The main question is whether national states are interested in promoting this development and allowing for more autonomy, which would be in the spirit of decentralization.