“Implementation of Blockchain Technologies in Smart Cities, Opportunities and Challenges”

Abstract

A blockchain can be thought of as the shared distributed ledger type of technology that stores the information of every transaction in its network. The blockchain has emerged with vast diversity of applications in the economical and non-economical areas. Blockchain technology has the potential to provide a robust span of solutions to the issues faced in the implementation of smart cities. As such, it displays the potential to create smart types of contracts more securely, by eliminating the need for centralized authority. A blockchain can be envisioned as a secure decentralized database that stores information utilizing a peer-to-peer type of network. The blockchain can be seen as a type of special stack, where blocks could be placed or stacked on top of each other. Subsequent blocks composing the blockchain have to be linked to each other by cryptographic type of hash. In contemporary times an increasing interest in the concept of blockchain technology has been observed. This secondary research utilizes detailed literature review of multifaceted sources of information, such as peer-reviewed and quality academic journal articles from renowned databases. With the introduction of blockchain, numerous fields like banking, finance, healthcare, and supply chain shall experience positive effects. The sustainability of smart cities can be further enhanced and ensured with the application of blockchain technology. One major aspect wherein blockchain can play an essential role is real estate and smart cities. Blockchain and Smart Cities concepts are fated to influence the future of our planet in numerous ways. Incorporating blockchain into the expansion of Smart Cities will make it possible to have a cross-cutting platform that connects the cities’ different services, adding greater transparency and security to all services and processes.