McKinsey: China, UAE, Estonia, US Leading Blockchain and AI Towards a Tech Utopia

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McKinsey: China, UAE, Estonia, US Leading Blockchain Towards a Tech Utopia

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McKinsey experts suggest that by 2020, the number of smart cities will reach 600 worldwide according to Bitcoinschannel.

These cities are happening right now with China, UAE, Estonia and the US clear forerunners in the McKinsey analysts’ prediction of 600 metropolia in the next two years.

Dubai, with its high-tech society of unmanned trains and Wifi benches, plans to become the first blockchain megalopolis by 2020. Projects underway involve giants Google, Uber, Amazon, and IBM and, due to the initiation of its Smart City program, 545 city projects are underway which have the capacity to change residents lives.

All documentation in the future will be paperless, goods will be tracked using blockchain and unmanned trucks for delivery of goods is planned for the not too distant future.

Estonia loves its cryptocurrency and has long used blockchain, and is hailed as another crypto haven. DLT has been used in health, judicial, legislative, security and commercial systems in the country since as far back as 2012, making it another forerunner in adopting and utilizing new technology for practical civic purposes.

Estonians are able now to see who has been accessing their personal data through the blockchain, such as medical cards, drivers license or insurance details and can legally challenge any illegal or unauthorized access such information.

Not to be outdone, China plans to establish 1,000 smart cities on its own, again designed to improve the lives of its citizens. Its smart metropolis of the future is reputed to be Yinchuan where payments have been streamlined to the extent that facial recognition has become an accepted ID and shopping is conducted through a smart mobile application.

China has long expressed to the world its scathing condemnation of cryptocurrencies but has adopted blockchain like a long-lost friend. Chinese authorities are now exploring blockchain as a solution to data storage in numerous sectors and in central government. Also after notable scams, banks are starting to use electronic ledgers similar to that employed by Bitcoin to safeguard customer security.

In the US blockchain is being increasingly legislated for at state level and is being increasingly used for organizing record keeping, updating state databases.

US states are increasingly beginning to come on board in order to utilize blockchain tech. The state of Arizona has officially signed into law a bill that allows for corporations to hold and share data on a blockchain. First introduced in February by state representative Jeff Weninger, the bill is intended “to open the door for emerging technologies in Arizona”.

As states line up the new technology, Tennessee signed a bill recently that legally recognizes blockchain technology and smart contracts for electronic transactions. The bill also makes a provision that “protects ownership rights of certain information secured by blockchain technology”.

Nebraska, Florida, Arizona, Nevada, and Vermont, along with Maine, Hawaii, Illinois, and North Dakota are some of the many US states notably either in the process of presenting bills, enacting legislation or actively utilizing blockchain in state legislation.


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