Aligned with its vision to empower sustainable smart cities for future generations, Singapore-based GBCI Ventures announced the launch of Building Cities Beyond Blockchain (BCB). BCB will serve as a base platform for developing smart city applications. GBCI dedicated US$10 million for projects falling under BCB.
Developing Smarter Cities
The blockchain protocol has APIs in its arsenal which can be used to develop applications such as asset ledgers, eWallets, and payment systems. BCB is also designed to support real-world implementation in cities.
Other projects the BCB is developing include:
- Traceability systems
- Global cross-border settlement systems
- Supply chain finance
- Luxury anti-counterfeiting
The BCB team working on these projects is composed of 100 members coming from Singapore, Myanmar, Thailand, China, and the Philippines.
This is just one of GBCI’s initiatives to develop smart cities. Earlier this year, GBCI announced that it will be investing US$ 100 million for the development of smart cities. BCB, on the other hand, will soon be launching its first smart city project in an emerging market which will focus on ledgering assets and processing transactions.
According to BCB Chief Operating Officer Lee Changjin, the company believes that blockchain technology will heighten trust and transparency across all smart city transactions.
Truly enough, with initiatives and projects like these, we’re accelerating towards more secure and smart urban living.