How will the city open up its capacity? Hong Kong Press: Blockchain technology and cryptocurrency are the two answers

Hong Kong's Asia Times website recently reported that the city has had a significant impact on people's futures from the start. The city is the engine of the economy, of ideas, of culture and of innovation.

Despite the new scourge plaguing the economy, the city has shown patience and efficiency, and has taken the lead in addressing the global challenges people face. Today, people depend on cities more than ever to tackle issues such as climate change, globalization and insecurity.

The report believes that the best way to ensure that cities are able to meet their unique challenges is to strengthen their capacity to take care of themselves. Blockchain technology is the best tool to do this, but it is not yet fully utilized.

In a recent article by Ethereum founder Vitalik Buterin, he pointed out that blockchain technology and cryptocurrencies can help cities improve and improve their level of self-government. .

Buterin believes blockchain technology can ensure innovation management by making data more secure. The former not only enables direct storage of resident data, but also improves the efficiency of urban tax collection, capital allocation and emergency management.

Buterin mentioned the Harberg tax and other zoning activities to show that blockchain can change how city traffic works. If cities can solve more difficult and credible business management problems, they will become self-reliant. The city's ability to maintain high self-esteem will bring economic benefits to people and the world.

The report also states that cities have undergone significant changes due to their easier-to-change legal environment, the former being particularly visible in response to climate change. A looser law allows the governments of more cities to impose stricter rules and regulations on pollution standards than the central government.

However, it comes at a cost and cities need enough income to keep improving. Buterin said cryptocurrencies are a powerful force for good.

The value of cryptocurrencies has increased, underscoring the growing investor interest in new currencies. City-backed cryptocurrencies can be a beautiful, secure business and can be nice in today's marketplace. After all, some cryptocurrencies named after dog emojis on the internet can generate a market value of millions of dollars.

New York President-elect Eric Adams recently lauded crypto by announcing that he would receive his first three-month salary in the form of bitcoins.

The report notes that each city can invest the proceeds of their cryptocurrency campaigns in technology products such as solar power, vertical farming, and 3D printing that follow standards developed by Butterin. These technologies can improve the ability of cities to be self-sufficient while keeping them informed of the latest economic and climate issues.

Buterin doesn't talk about it. His vision was put into practice. In Estonia, a small Baltic Sea country, Tallinn used blockchain technology to create a high-level digital government that could work anywhere in the world.

Dubai is one of the best blockchain ideas in any city around the world. From removing paper to moving all data to the blockchain, Dubai worked to shape the future of blockchain over a decade ago. In terms of using blockchain technology to improve the efficiency of urban governance, Dubai will make further progress every month.

The report believes that current practices in Dubai have yet to take any action to develop the local cryptocurrency. It makes sense that the UAE has always been wary of cryptocurrencies, but now is the time to change the way you think about it.

The United Arab Emirates (especially Dubai) is one of the most trusted shipping hubs in the world. With money flowing from UAE to almost every corner of the world, remittances have become a major industry in UAE, previously following the trend.

Given its trustworthy history, Dubai is well on its way to establishing a local cryptocurrency, which in turn will fuel other blockchain projects in the country. This activity can be limited to Dubai or used as part of UAE country's cryptocurrency. Dubai (and Abu Dhabi) metropolitan currency can be used as part of the UAE national currency model.

The benefits of these improvements are numerous and obvious. Dubai will be the first city in the world to have its own cryptocurrency and will earn a lot of money. As Dubai continues to improve its business acumen, the development of cryptocurrencies will be a necessary and appropriate step in Dubai's medium to long term strategy.

Supporting this reason in Dubai (or elsewhere in the world) should start a new debate on the value of cryptocurrencies.

Although the human behavior of cryptocurrencies has changed over the years, there is still some skepticism about the new technology. From electronic use to illegal use, many concerns about cryptocurrencies have been reduced.

For example, the potential capacity of clean energy such as wind and solar power increases as prices decline, thereby reducing the environmental impact of cryptocurrencies. In countries like the United Arab Emirates, using solar power to support Dubai's cryptocurrency would be a natural option.

The report identifies the future of the city's inhabitants and it's time to find solutions to support innovation and make the city more prosperous and prosperous. .