The founder, Jeffrey Berns, envisions a crypto city that integrates the digital assets for completing transactions and paying for goods and services. Blockchains LLC has announced plans to create a smart city to accomplish its aim In the Nevada desert. In addition to buying goods and services using cryptocurrencies in the smart city, people will also have all their personal information, including medical, financial, and others, stored on the city platform. Berns vision the utopia as a city where its inhabitants will kickstart their world’s implementation from scratch. The CEO reiterated that he expects Blockchain LLC to progress on the smart city in 2022.
Proposed Smart City Proposal Submitted to Government
In a recently published report, the CEO Stated that he had submitted a request to Nevada to permit his company to create a local government on the 67K acres that belong to the company in Storey County. If the request is approved, the blockchain company will now be ready to run as an “innovation zone” that will enable the firm to set up its judicial institutions such as courts. Moreover, the company will be free to integrate digital assets in business transactions and payments and report them to the Blockchain.
According to Berns, the present government is not structured to be favorable for the creation of a community that will accommodate the ever-growing technological space of finance, Blockchain, and cryptocurrencies. . The company bought the whole place for $170 million in 2018.
The CEO then revealed that the up-and-coming city would include the Blockchain campus, e-sports facilities, studios for creating content, and residential properties. Though Berns further stated that they planned to build about 15K houses in the proposed city in 75 years, the number of residential houses the company can build there wouldn’t be more than 3,500 due to legal restrictions.
Lawmakers to Debate the “Innovation Zone” Proposal
Last week, Nevada lawmakers discussed the Blockchain’s proposal, which pointed out the missing links in the current government’s structure that don’t allow technology to thrive. Nevada lawmakers are somehow skeptical and shocked by the proposal. But the legislators have yet to present it formally or launched a public hearing on it. Some of the legislatures are willing to diversify Nevada’s economy, which is overly dependent on tourism. However, they are also scared of being unable to realize expected returns.
Barring any major opposition from Nevada lawmakers from creating the proposed innovation zones, three persons can effectively govern technology companies’ properties, which will be on about 50,000 acres, expected to attract $1 billion investment. Blockchain refers to a digital log used primarily for storing crypto transactions.
However, some governments have already endorsed the blockchain system for organizing elections, recording marital status, among other uses. This proposal raises concerns about the growing tendency of fin techs to control our lifestyles in the world that stakeholders are accusing tech companies like Google and Facebook of violating users’ privacy.