The CityxChange consortium has won a bid for smart city development using DLT across Europe, and IOTA is a part of the consortium. EUR 20 million has been committed under an EU research program. A total of seven European cities are to experiment with smart city energy innovations using DLT. The group will be led by the Norwegian University of Science, and 11 projects competed in the bid for the development of energy independent cities. CityxChange is aiming to help the cities involved achieve sustainability with 100% renewable energy and zero emissions.
Smart city development using DLT
The CityxChange consortium consists of over 25 companies including AVIS, ABB, the University of Limerick, Space Engagers, Energy Agency of Plovdiv and IES R&D. IOTA will have the chance to work with a number of companies to develop a real working model and investigate how its framework could best fit in a smart city. Most blockchain projects work in isolation, with theoretical concepts that are hard to test as the infrastructure or awareness is not there yet. But with this recent announcement, IOTA can work with industry experts to test their network and achieve a tangible goal. According to the co-founder of the IOTA Foundation –
“Being able to explore and demonstrate the utility of IOTA within the smart city context in numerous cities across Europe will be incredibly valuable going forward.”
According to the head of business development at the IOTA Foundation –
“Smart cities is one of the fastest growing cross-sectorial arenas of innovation for IOTA. Building on our work and partnerships across mobility, energy or data marketplace, these smart city ecosystems bring it all together.”
Smart cities are an interesting area, and urban centers are going to need to find innovative ways to manage and acquire resources as the population increases. The cities where the experiment is being carried out includes Limerick, Trondheim, Alba Lulia, Sestao, Smolyan, and Voru. Digital services, DLT, and P2P technology will be utilized to improve the overall standard of living and to generate more energy than is consumed.
What is IOTA?
IOTA is a DAG-based cryptocurrency that is aiming to provide an infrastructure for machine to machine payments for an internet of things era when all items will have a digital identity traceable on the blockchain. The idea seems futuristic, but IOTA has already provided a proof of concept in tandem with Volkswagon when live updates were made using IOTA’s technology. With this new bid, IOTA has the perfect platform to test out their network, which is largely acclaimed to be faster and more scalable than existing blockchain architectures.
Digital Nomad with an interest in Zen and Blockchain technology.
Law graduate with 3 years experience as a consultant in the capital markets industry and 4 years experience freelancing on UpWork as a Creative Writer.