Fang Wenjun (wf646)
The Blockchain and Smart City
As a core part of Bitcoin, the blockchain is a new technology that plays an important role in establishing a smart city. Blockchain is a shared database with main functions as data storage and data encryption. Blockchain is no longer using only on financial related area. Within characteristics such as transparency, unforgeability, and traceability, blockchain supports solving the problem of information security while building the smart city.
“Data” has become a resource under the flourishing development of information technology. Especially with the development of cities, a large amount of data has been accumulated. Data collection is a critical step of establishing the smart city; however, during the process of using and exchanging those data, data breaches happened often. Therefore, the use of blockchain became more important than ever before. In 2018, Shenzhen issued the first electronic invoice based on the technology of blockchain. Relying on Tencent’s blockchain platform, companies can implement invoice applications and tax declaration on the blockchain. After the transaction is completed, the system automatically generates the invoice’s content and the amount and issue the invoice in real-time. The technology of blockchain can make sure that the whole process of issuing an invoice is traceable and transparent.
On the other hand, different government departments can participate in bookkeeping together, which improves the effect of regulation. It will be hard to change the invoice information or make a fake one. All the information will be exchanged only on the blockchain platform, which required correct passcodes and signature to access. Another important factor of blockchain is decentration, which means data will not collect in a central platform, but send directly to every single management unit. Therefore, there is no way to access all the information by one step, which increases the difficulty of stealing information from the platform.
The city is a sophisticated system with a dense population and all kinds of scenes. As a system engineering, it is required to use different sorts of technologies for smart city construction. Blockchain is not a disruptive technology, but a mechanism that developed based on existing Internet technology, big data, and cloud computing technology. Blockchain is a solution to the issue of trust in information networks. It is a supportive technology, like the WI-FI in 2000, making the internet realize the dissemination of information and the transfer of value.
https://www.youtube.com/watch?v=lD9KAnkZUjU&feature=emb_logo
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