Use of blockchain in designing smart city

Purpose

A blockchain is a shared distributed ledger technology that stores the information of every transaction in the network. The blockchain has emerged with a huge diversity of applications not only in the economic but in the non-economical domain as well. Blockchain technology promises to provide a wide range of solutions to the problems faced during implementation of smart cities. It has the potential to build smart contracts more secure, thus eliminating the need for centralized authority.

Design/methodology/approach

This paper presents a proof-of-concept for a use case that uses an Ethereum platform to build a blockchain network to buy, sell or rent a property.

Findings

The findings of this study provide an opportunity to create novel decentralized scalable solutions to develop smart cities by enabling paperless transactions. There are enormous opportunities in this distributed ledger technology which will bring a revolutionary change in upcoming years.

Originality/value

The concept of blockchain along with smart contracts can be used as a promising technology for sharing services which is a common requirement in smart cities. All the blockchain transactions are stored in decentralized shared database. The transaction recorded in decentralized system is immutable, it cannot be altered and hence chance of forgery is negligible.