Cryptocurrencies and blockchain, used together, have the potential to usher in a future where physical money is no longer necessary to meet basic necessities.
According to Maclang, blockchain could allow owners to rent out their vehicles without supervision and accept payment in cryptocurrency. Vehicles could even drive themselves.
“The blockchain could store the vehicle usage requests and reservation information or even create carpools, while people pay for using the vehicle with cryptocurrency,” she said.
Innovative cities initiative to tech up one city at a time
The major goal of the Innovative Cities initiative appears to be to technify one city at a time.
Makati City was chosen as the pilot of the program in conjunction with the Resilience, Innovation, Sustainability, and Entrepreneurship (RISE) Program.
The initiative intends to raise the Philippines' knowledge of innovation and technology, develop local economies through expanding industries, and focus on making the country relevant in the digital and Web 3.0 eras.
“We look forward to creating regionally-relevant solutions for everyone, at city and provincial level, that can plug into a more extensive national and international ecosystem,” she continued.
When the startups complete specified milestones, they will be given a financial support of 500,000 pesos ($9,500) to ensure that the award will help them build a sustainable business, strengthen their structures, and establish a sound legal foundation for their operations. We will put them on display and provide them the opportunity to pitch their ideas to qualified investors.
They also hope to develop modern digital products and solutions in smart building, digital health, and vehicle technology. Accelerating digital innovation opened the path for the Philippines' digital economy, which is estimated to exceed $25 billion in sales by 2025.
Smart city developers using blockchain technologies
New technologies such as the Internet of Things are already being used by smart city developers around the world.
A smart city's data acquired through a cloud-based infrastructure may be stored using a blockchain system to assure security and privacy, he said, adding that blockchain's potential to improve the quality of life in cities is limitless.
Smart cities might use blockchain technology to help with voter registration, citizenship verification, tax information, and security and fraud prevention. They could also eliminate paperwork and enable smart cities to reduce waste and pollution.