Smart cities are steadily garnering attention worldwide as they become points of aspiration for many jurisdictions. There is a very clear relationship in these urban utopias between the citizens for whom they are built and the systems, networks and devices that enable their safe, secure and efficient operation. Most importantly, they will be built on entirely new financial technology infrastructure that supports the flow of micropayments over financial “plumbing,” in a similar way that other essential utilities (water, energy, data, etc.) flow over pipes, cables and fiber.
The principal aim of a smart city is to optimize city functions and promote economic growth by leveraging cutting-edge technologies. Smart cities seek to increase operational efficiency, achieve sustainability goals such as energy efficiency and scarce resource management and, above all, improve the lives of the citizens within.