Nevada Asks: Can Blockchain Build A Smarter City?

  • Blockchains LLC’s CEO, Jeffery Berns proposes to build a city on the foundations of blockchain.
  • In 2018, he purchased 70,000 acres of industrial parkland just outside Reno, and in July, he released the blueprint for “Painted Rock Smart City and Innovation Park”.
  • Democratic Governor Steve Sisolak is considering a draft bill that will give credence to innovation zones as a solution for Nevada’s problem of economic diversification.
  • This lofty ambition has been met with stiff criticisms from several quarters concerning the implications of ceding government powers to private tech companies.

Blockchains LLC’s CEO, Jeffery Berns is proposing to build a city that utilizes the technologies of blockchains such as decentralization and cryptocurrencies for everyday transactions, taxation, and storing vital information.

To achieve this ambition, Jeffery Berns has already taken positive steps by purchasing 70,000 acres of industrial park land outside Reno, Nevada. The firm noted that innovation zones will have to be granted to private firms, an idea that already has the support of former Democratic Governor Steve Sisolak.

Despite the futuristic and economic appeal of the project, it has come under criticism for being ill-timed and granting powers to private firms might be a counter-intuitive move.

Painted Rock Smart City And Innovation Park

Jeffrey Berns, the CEO of Blockchain LLC has unveiled plans for the building of a smart city that will run on Blockchain technology, using cryptocurrencies as currency and blockchain to store sensitive information like tax information, personal information, etc.

The project dubbed “Painted Rock Smart City and Innovation Park” is proposed to be situated just outside Reno on a 70,000-acre space.
According to the blueprint, it will contain over 36,000 residents, 15,000 homes, and over 10 million square feet of commercial space, while the forecasted economic impact could reach $16 billion within 75 years. To achieve this, Blockchains will design special “Innovation Zones” that will provide “self-sustaining fiscal structures” similar to other local Nevadan governments”.

There seems to be some light at the end of the tunnel as the project has the support of Democratic Governor Steve Sisolak who is looking to draft a bill to give credence to the innovation bill.

The state of Nevada, one heavily reliant on tourism in cities like Las Vegas, and private firms, has been ravaged by the Covid-19, pandemic experiencing a 50% decline in visitors in the course of one year. Consequently, Nevada is in search of fresh ideas to diversify.

Governor Steve Sisolak notes that:

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Confronting the reality of this pandemic, moving forward boldly in rebuilding our economy, getting people back to work: We cannot wait for economic recovery to come to us.

On the Flipside

  • Estonia has pioneered the use of blockchain technology to decentralize its personal identification and electoral systems.
  • Miami recently voted to study the implications of moving government transactions to bitcoin.
  • The mayor of Miami also considered the possibility of investing the city’s reserve in Bitcoin
  • If the move is successful, workers and taxes can be paid in cryptocurrencies

Can Blockchain Build A Smarter City?

Theoretically, Blockchain technology has the means to build a smarter city but in practice, we’re yet to see real-world applications on a large scale. Conceptual renderings of Blockchains LLC proposed city shows a futuristic park against a desert backdrop.

However, details about power, water, and transportation have not been revealed but it is certain the city will be carbon neutral.

Critics and policy experts believe that the proposal lacks substance and the timing isn’t right. Hugh Jackson, editor of the Nevada Current argues that the health and economic crises should be given more attention than a futuristic utopia.

Stakeholders also warn of the dangers of transferring government powers to private firms in the name of innovation zones. However, Governor Sisolak has countered saying the innovation zones will be subject to the same regulations as any other city.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

DailyCoin Team

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