“At a time when the fast-pace of technology challenges public trust, leaders need solutions tailored to an increasingly digital world,” said National League of Cities (NLC) CEO and Executive Director Clarence E. Anthony. “Blockchain technology could be the foundation of many solutions because it is transparent, seemingly hack-proof, efficient and economical.”
Best known as the platform technology that makes cryptocurrencies like Bitcoin possible, blockchain software is a shared digital database that stores and transfers data across the internet. Transactions that occur in the context of a blockchain are safe, instant and have little or no transaction costs.
What’s special about the blockchain model is that it connects computers and the transactional data they share in a way that is both efficient and secure. Think of a log or spreadsheet filled with accurate information that is accessible to any number of computers. This shared data is automatically and continuously updated, but nearly impossible to corrupt.
“The opportunity for cities to utilize blockchain across municipal operations can help drive innovation,” said Brooks Rainwater, senior executive and director of NLC’s Center for City Solutions. “This technology could revolutionize diverse sectors of our economy and bring efficiencies of scale that previously required large, centralized operators in order to have an impact. Imagine decentralization, coordination and collaboration in a secure and autonomous way.”
Some examples of current blockchain innovations city leaders should consider include:
Overall the report encourages city leaders to pay attention to the experiences and lessons learned from cities that are exploring blockchain, and to keep an open mind to the changes blockchain could bring forth.
Find the full report at https://www.nlc.org/resource/blockchain-in-cities
The National League of Cities (NLC) is dedicated to helping city leaders build better communities. NLC is a resource and advocate for 19,000 cities, towns and villages, representing more than 218 million Americans. www.nlc.org
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SOURCE National League of Cities