Blockchain Technology: An Aid to the Governance of Smart Cities

Abstract

Blockchain technology has spread its roots from the crypto-currency domain and found a way to handle the processes of data storage, data management, smart contracting, authentication, validation, trust-free transaction handling, and shared economy. In the era of smart cities, the shift from a system that depends upon conventional data management based on ledgers and government records to smarter, immutable and transparent blockchain mode of handling data and its transactions is inevitable. The success of ‘Bitcoin’ can be viewed as a proof of the success of blockchain technology, and thus, it should be seen as a breakthrough to solve various issues faced by digitization of transactions and crucial documents. The decentralized architecture of blockchain can support Internet of Things applications, governance of various smart businesses and smart cities beyond our imagination.