Can cryptocurrencies be used in smart cities?

Can cryptocurrencies be used in smart cities?

By jordanjnr | Crypto Digest | 10 Dec 2019

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Smart cities are slowly becoming a thing.

And crypto would have a place in them when there all over the place,right?

Well to answer this question, we need to consider two factors.

1. The actual cryptocurrencies themselves, and

2. Digital assets

Ok, first, cryptocurrencies combine the powers of currency and technology together to yield payment options that are way faster, safer, cheaper and just generally better than what we currently have.

But this particular benefit of cryptos comes with a cost. The whole system is unregulated. This simply means that if you miss a letter in the wallet address you're meant to send your crypto to, it's bye-bye yellow lambo for you.

You basically have no one to report to if you accidentally send your crypto to the wrong place.

There's also no way to know who stole your crypto if it gets stolen.

Ok. So how does this correlate with the concept of smart cities?

Smart cities would offer greater security than what we have presently, trumping my first problem about security. Yes, crypto would still be decentralised,but it'd be much more difficult to send it to the wrong place. It'd also be much harder to steal since security would be so tight. 

Ok,on to my second factor to consider- Digital assets

The name is pretty self explanatory.

But if you absolutely must, a digital asset is something that isn't physical but still puts money in your pocket.

It's like a ghost that gives you money. Well, sort of.

These digital assets are very similar to cryptocurrencies.

In fact, bitcoin could be regarded as a digital asset.(I talked about that here)

They can be transacted on a similar block chain platform,which is great.

But they can also be pegged to an actual asset that can easily be changed into something of value, which can then be exchanged between someone wanting that thing(a buyer) and someone wanting to get rid of the thing at a price(a seller).

Digital assets will have a big role to play in smart cities.

They will enable information and value to be generated and transformed into actual assets that have value.

And since crypto could be considered as a digital asset, it too has a place in digital cities.

Ain't that just cool!

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Hello! I am a Blockchain enthusiast,bitcoin investor,CEO of BigTycoon group and I love crypto! Hit me up @TycoontechBlog on twitter!

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