The Mineta Transportation Institute (MTI) at San Jose State University recently released research into the use of blockchain to enable decentralized delivery and financing of urban infrastructure.
Blockchain technology is a distributed database containing two or more files located in different sites, either on the same network or on entirely different networks. The technology is best known for cryptocurrency systems but provides data storage security, instant processing, and reduced transaction costs.
The blockchain process could enable communities and citizens to fund projects.
“In the systems we have now, a citizen wanting to get a tree planted in an urban space would need to fill out an application, turn it into the city, have it reviewed and approved by the city, etc.,” the study’s authors said. “Blockchain technology potentially streamlines this process with a decentralized app accessible to all stakeholders. All of the processes—where the tree should be planted, where and when it was planted—can be recorded on the blockchain with other useful information such as whether more trees are needed in that location, which types of trees have been planted where, carbon value, community value, and property appreciation, etc.”
MTI will host a webinar on blockchain on Sept. 15.