Blockchain to build sustainable cities. (Source: bbva.com)

Usually, hearing the word blockchain brings in the image of cryptocurrencies in our mind; but is blockchain just limited to cryptocurrencies? It is true that the blockchain technology came into the scene after the emergence of Bitcoin but today it has found far more uses. Banks are giving a thought to employing blockchain as their core technology for secure and tamper-proof record of transactions. It is even being employed in the manufacturing sector relieving the factory incharge from the risk of loss of any kind of record. Even if the unit is demolished, the record remains. Not just this, blockchain technology even has the potential to fulfill the dream of establishing smart and sustainable cities. A creation of a smart city means digitization of all systems along with effective data management which is a perfect task for blockchain.

The Ford Go Bike program, initiated in 2016 in five Bay Area cities has found the perfect usage of blockchain. It is not just limited to payment and its record, they even plan to record the user’s habits storing it in a repository. This not only takes the city a step forward but will also raise the company’s profits.

Ford Go Bike (Source: sfexaminer.com)

The blockchain can even be utilized in solar energy industry. Presently, larger grids are used for distribution of solar energy but by using blockchain microgrids can be used. They will be linked from each other and in case a microgrid requires more energy, it can easily fetch from another as the blockchain monitors consumption. Thereby, a network of distributed power generation and consumption is created.

Blockchain tech will create transparent and secure smart cities and all their services can be easily connected with each other without any leak of resources.

Blockchain will result in the elimination of intermediary as the service can be provided through peer-to-peer interaction. Hence companies in future can with the help of effective data collection create services which are user friendly as well as profitable.