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Strategizing Smart Cities for Smart Economy

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Ashesh Shah


How often do you use a smart device at your home? Indeed several times, knowingly or unknowingly. Be it a smartphone, wearable, personal electronics, smart bulbs, or tablets, these devices have become an integral part of our lives. Our homes now have multiple smart devices that are considered “intelligent devices.” However,  the trend for smart spaces or cities extends far beyond our homes.

We live in a time of urban transition. Increasingly people are flocking to cities, and cities are evolving rapidly. The UN predicts that 68% of the world’s population will live in urban areas by 2050. Accommodating more people is not only a challenge but these cities are trying to work with “quality of life and sustainability,” which are the key issues everywhere. Smart city initiatives can address these issues.

What smart city looks like?

A smart city concept focuses on utilizing technology to effectively manage the city’s assets and resources to improve the quality of services, and hopefully, life for its residents.

The technology comprises six building blocks. It encompasses what is termed, smart people,  smart city economy, smart mobility,  smart environment.

It also includes — smart living and smart governance — that together can contribute to the realization of smart city strategy by augmenting social inclusion, technological inclusion, economic development, and environmental sustainability to drive the smart economy.

Smart People

Smart people being at the heart and the fundamental block of the smart city system requires attributes like professional excellence, high Human Development Index, integrated education system, attracts knowledge workers, inhabitants opts for e-learning models, embraces technological changes, maintain a healthy lifestyle, and contributes towards making the city more liveable.

Smart city residents have to be more involved. But how is that possible? Thanks to technology.   Let’s look at the example, wherein citizens can utilize apps that allow them to report local issues more easily or community networking platforms that allow neighbors to connect and share resources.

This is just one, there are several ways in which technology can help. Therefore, developing a center for learning new technologies, and encouraging investments in technology are essential.

Smart City Economy

An ideal smart city economy has a very long list of attributes; however, in a nutshell, the city should be well versed with its economic DNA and work closely towards enlightening entrepreneurship, investments, tourism, human resource, natural resource, and innovation.

A dedicated innovation center, eCommerce, and business center are what facilitates a smart city economy. The idea of Technopolis can accelerate the economic development of the city and ultimately the nation.

Smart Mobility

Mobility here not only should be focused on vehicles but the human aspect. Traffic being the bane of many a city-dweller’s life, technology can offer some promising sustainable transportation solutions.

Example-public transport routes can be adjusted to demand in real-time, intelligent traffic light systems to improve congestion, traffic management, public transportation apps, intelligent bus stops, vehicle sharing apps, parking sensors, etc.

Robust ICT, Logistics, and public transport powered by technology can solve traffic woes and keep it flowing.

Smart Environment

The smart environment is another crucial block of the smart city system. Here the aim is to preserve the ecological and environmental system with the help of network & environmental monitoring and energy efficiency.

Here, too, technology has a critical role to play. Providing environmental information and alerts, monitoring distribution networks, and using sensors in containers.

It is also making use of apps to identify accidents, using electric vehicles, intelligent lighting, smart grids, and numerous other technological solutions that can drive the efficiency and results that a smart city aims for all.

Smart Living

What contributes to smart living? Aesthetic daily life in the city. However, achieving this is not easy. One has to focus on health and safety along with technological accessibility.

Everything revolves around technology so how would smart living not?

Telehealth, video surveillance, Wi-fi, optical fiber, appointment booking apps, etc., portray the bigger picture of urban liveability and resiliency.

A smart city living should have vibrant downtown around the clock and provide convenience, rapid mobility, and connectivity along with social cohesion

Smart Governance

Smart governance is the final building block and the necessity of a smart city. An ideal smart city is one that practices ART (accountability, responsiveness, and transparency) in its governance.

E-municipality, social networks of city councils, GIS, smart justice, and other smart systems can drive ART.

Also, other technological solutions like Web portals, online forums, mobile apps, and unified services can help residents share their questions, suggestions, and grievances with the government.

A government can adopt any of the four models G2C (Government to Citizen), G2G (Government to Government), G2B (Government to Business),  or G2E (Government to Employee) to achieve this.

Key Challenges faced in developing smart cities

  • Funding
  • Lack of interest
  • Illiteracy

Funding is a critical issue need to be addressed to remove the roadblocks in successful smart city initiatives. A regulatory framework of the country here plays an important role in addressing the challenges of funding.

The city government can seek central grants, subsidies, national investment, and infrastructure funds from the government. On the other hand, it can opt for direct financing by issuing shares or other long-term sources of finances.

The financial can opt for indirect financing, municipal bonds, equity market instruments, mezzanine financing or Real Estate Investment Trust along with exploring the options of international modes of finance.

Here, another issue, i.e., lack of interest can create hurdles and the lack of interest may come from lack of E-illiteracy.

What makes smart cities successful?

  1. Ubiquitous wireless connectivity: The quality and reliability of connectivity become imperative to the smart city. High-bandwidth, low-latency, future-proof networks are essential to support the unprecedented degree of interconnectivity and convergence. The fiber-optic cable also is an ideal option to accommodate today’s smart city applications as well as future technologies.
  2. Open data: Whether you’re talking on the phone, driving your car, or simply tracking your workouts with wearable technology, data is generated. But have you wondered what happens with that information? Much of it is used to advance products or develop new algorithms. But how smart city can gain from open data? It helps in gaining insights into the lives of residents, fix their issues, and help build more equitable, and inclusive services.
  3. Trustable Security: The cost of security failure is huge. Unsecure devices, gateways, and networks are fertile ground for hackers interested in causing city-wide disruption and possible system control. A collaborative undertaking involving partners like sensor and actuator manufacturers, gateway providers, standards boards & even operating system developers will ensure authenticated, authorized, and encrypted communication
  4. Flexible monetization schemes: Smart cities should possess the capability to offer flexible pricing models—and ultimately generate profitable revenues. So where can this be applied? Bridge and highway tolls, recycling and waste loyalty points, subscription for parking for consumers and commercial fleets, subscription to city-based wifi access, and Elearning materials can be some of the options.

Smart City Trends

  • IoTCities that recognize the importance of infrastructure being connected with IoT and put the same in place middleware and cloud systems can capture and use it to see significant advantages over time.
  • 5G is known for its speed and connectivity, smart cities can reap its benefits.
  • Data Analytics is another trend that allows smart system initiatives to identify potential problems, zero in the opportunities, and get
  • Blockchain is beyond cryptocurrency and can be utilized by smart cities in ensuring safety and security in its different initiatives.
  • Automation: The low-hanging fruit in the AI segment too can increase the value of the workforce and make companies smarter.

Final Thoughts

One report by McKinsey Global Institute found smart city technology can improve key quality of life indicators – such as the daily commute, health issues, or crime incidents – by 10 to 30 percent.

Creating a network of objects that are capable of smart interactions can open the doors to a wide range of innovations. IoT has some of the answers while the majority of them rests on the people factor.

Deciphering how each building block is intertwined with the other and its sensitivity in planning and implementation stages along with embracing technology can realize the dreams of a smart city and contribute towards a smart economy.

Ashesh Shah

CEO at Fusion Informatics

Ashesh Shah is the CEO & Co-founder of Fusion Informatics Limited, a digital transformation company that transforms businesses through digital applications empowered with technologies such as AI, ML, IoT, Blockchain, cloud, and more. He is a business leader with 20 plus years of experience and works with Startups, SMBs, and Enterprises to craft, enable and accelerate their digital journey.

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Politics

Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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Politics

UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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