• Although 1,333 projects relating to the Smart Cities Mission have been allocated, the potential of blockchain is yet to be explored by NITI Aayog
• Right from voting, Aadhaar, EHR, land records, to other data, blockchain can form the very foundation of a smart city
• Integrating blockchain into city systems will take care of key factors such as adaptability, accountability, transparency, accuracy and efficiency
“Blockchain isn’t a disruptive technology; it’s a foundational technology.” — Harvard Business Review
Prime Minister Modi’s flagship project — the Smart Cities Mission — has unleashed a huge potential market for the cutting-edge technology market in India. Blockchain is one of them. This despite the fact that the mega-project, which was launched on June 25, 2015, reportedly failed to meet the deadline with only 1.8% of the sanctioned funds having been utilised so far.
With a view create livable cities for its citizens, 100 cities have been selected under the Smart Cities Mission. The goal of the Mission is to implement innovative digital technologies in these smart cities and dovetail them with the Digital India vision to enable the digital empowerment of citizens. The project envisions the integration of ‘digital’ into every aspect of city life — from infrastructure, healthcare, education, cleaning, hygiene, waste management to services.
For readers who are still new to the blockchain bandwagon, a blockchain is a distributed ledger technology that stores information across a number of systems enabling peer-to-peer (P2P) transactions and creating a trust-free, secured distributed storage using a validation process which is fully democratic in nature and is based on consensus. Here, “trust-free” means a blockchain network does not need any intermediary entity for any sort of validation.
Most importantly, blockchain (Public) uses either a proof of work (PoW) or a proof of stack (PoS)to arrive at the consensus, after which data once recorded in a block and added to the block-tree (blockchain) can’t be deleted and manipulated. This brings transparency and removes any scope of data manipulation.
View all SMART GRID Bulletins click here