A new digital world? What may have been thought of as science fiction only a few decades ago may have more of a foothold in reality and far sooner than ever anticipated. Even more novel – the fact that the world's first Smart City, run entirely on blockchain technology, may actually be built in our backyard.
First, what is blockchain technology? Blockchain is a growing list of digital "blocks" of data interconnected through cryptog- raphy. Much like a chain grows through interlocking links, each block contains a hash of the previous block, a time stamp, and ex- change information, creating a blockchain. Blockchain safely ex- changes things like cash, property, and contracts without requir- ing a third-party intermediary like a bank or government. When a blockchain records a piece of information, it is exceptionally hard to change it. As opposed to a banking system where no client is enabled access to another client's exchanges, the blockchain innovation permits all clients over the globe access to see another client's operations. This leads to 100% transparency of offers on the entry that guarantees that no client can adjust or erase any exchange without another client seeing this event. (Blockchain Technology Explained https://bit.ly/3s4uthW)
How do you build this type of smart city with this type of technology, you ask? While the explanation could take hours, even days – the short answer is through futuristic vision, cutting edge technology, and a great deal of money. And who might dare to envision something so revolutionary? Cryptocurrency magnate and Nevada-based Blockchain LLC, CEO Jeffrey Berns.
In 2018, Blockchain LLC purchased the last available acreage atop the world's largest industrial complex, Tahoe Reno Industrial Center (TRIC), on USA Parkway in Storey County. Of 107,000 acres that comprise RTIC, Blockchains LLC now owns 67,000.
According to a recent Marketwatch publication, the goal is to break ground on the project next year. This new city will include 15,000 homes and 33 million square meters of commercial, industrial, and warehousing space built over 75 years. While Storey County's current master plan does not permit homebuilding in that area, that does not mean Bern's vision isn't viable. In a February 13th interview released to the Associated Press, Berns said, "There's got to be a place somewhere on this planet where people are willing to start from scratch and say, 'We're not going to do things this way just because it's the way we've done it,’” said Berns. Presently, Storey County's plan does allow for 3,500 new homes in Painted Rock, a portion of the land purchased by Block- chain, LLC.
The Blockchain LLC infrastructure will run on cryptocurren- cy and blockchain technology in which every financial transaction will occur outside the traditional monetary system. It will be devoid of dollars and cents in its physical form and will most likely transform the world's economic future and how it does business. It is not just currency and the exchange of goods and services, but also medical records, personal data, and the myriad of data scattered across thousands of digital platforms. It will all digitally reside in one place; a blockchain.
Digital ledgers aside, another question asks how to manage the human aspect of such a technology-driven development? One solution suggests allowing Blockchains LLC to create their own municipal government from the ground up. Berns said in his interview, "We bought 70,000 acres of land in the county. What did they think we were going to do?… For us to be able to take risks and be limber, nimble and figure things out like you do when you're designing new products, that's not how government works. So why not let us create a government that lets us do those things?"
During his State of the State address, Governor Steve Sisolak proposed legislation to create Innovation Zones throughout the State. According to an unofficial bill draft, Innovation Zones areas created to develop or advance innovative technology. Sisolak believes that companies with new technologies can come to Nevada to develop their industries without incentives like tax reductions and public financing. Berns wants Nevada to change its laws to allow 'innovation zones,' where companies would have powers like those of a county government, including creating court systems, imposing taxes, and building infrastructure while making land and water management decisions." While this legislation is planned, it has not yet been proposed to the Nevada State Legislature.
The push to bring technology companies into northern Nevada does not appear to be slowing down, as is evidenced by tech giants like Google and Apple moving in next door. If the trend continues, however, Nevada will face more than just job growth
Comment
Comments