Imagine a city whose entire infrastructure is based on blockchain technology, where cryptocurrency is the only means of payment. You probably pictured some sort of a futuristic, utopian society with flying cars and jetpacks.
However, the reality of a blockchain-based city is coming sooner than you might think. In fact, the Chinese government is supporting such a project in the Malaysian tourist city of Malacca, according to a press release shared with Cointelegraph on April 26.
A Blockchain City Utopia
The project, backed by the Chinese government, is being launched by the construction and engineering firm China Wuyi, and investment network SWT International Sdn Bhd. Per the press release, the founders of the project plan to initially raise 500 Malaysian Ringgits ($120 million), with more funding down the road.
The goal of the project is to develop the city of Malacca into a blockchain-based city called Melaka Straits City, with the name coming from the critical shipping lane of the Malaysian Malacca Strait.
The city’s infrastructure will be based entirely on blockchain technology, and a platform called the DMI platform will offer its native DMI coin. This DMI coin will be the city’s native currency and used to pay government-based services within the city.
Tourists and residents of the city will be able to exchange fiat currencies for DMI coins, which they will use to pay for government services using their phones or computers.
Per the press release, project CEO KK Lim proclaimed that this project will help the city’s tourist appeal, stating:
“Our company is using cutting-edge blockchain technologies and integrating those into the traditional industry to make Malaysia a world-class tourist destination. We have the government approval to remediate this land and came up with some great plans for the area.”
Will this blockchain-based city be the first of many cities to fully implement blockchain technology? Will other countries begin blockchain city trials like this? Let us know what you think in the comment section below.