Albany, NY -- (SBWire) -- 06/25/2018 --Role of currency is essential since time immemorial. Each period, each state and each legislature blossomed with its economy and part its currency played. In like manner, for 21st century which is flourishing with internet and digital revolution, a comparative currency structure is likewise occurring which we called Bitcoin and Blockchain organize.

What is Blockchain?

Blockchain technology refers to a distributed database for all the digital transactions, which eliminates the need for the third party to authenticate the transactions. In recent years several consumers, institutions, and organizations are adopting blockchain technology as it not only reduces the transaction cost as it removes a point of verification but also speeds up the actual transaction process.

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Role of BlockChain

The blockchain technology is driven by the demand for decentralized data and eliminating intermediaries so as to secure online payment. The real time tracking of transactions, averting frauds and errors when making online payments will also fuel the adoption of blockchain technology from both financial and non financial services.

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BlockChain in Smart Cities

As proliferation of IoT and digital technology across smart cities plays a crucial part in their uptake, usage of smart currency can add impetus to their growth. Hence, a decentralized currency network like blockchain can have innumerable benefits in smart cities sectors from both financial and non financial systems.

Smart Cities Use Cases: Real Estate Land Titles, e-residency, Healthcare Record Management, Self-Sufficient Microgrid, Supply Chain Tracking, Public Safety and many more.

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Challenges Ahead

Today, people welcomes bitcoin but for any new technology to succeed, there are few challenges as well. Some of them are less awareness in people, Security and Privacy issues, Regulatory system and Initial Costs.