Ritossa Summit Dubai: Simit Naik and Robert Rice talk smart cities and IoT

The era of smart cities is upon us, and during Sir Anthony Ritossa’s 13th Global Family Office Investment Summit in Dubai, two of the leading minds in the Bitcoin ecosystem discussed how the Bitcoin SV blockchain is reshaping how we think about and live in the cities of the future.

The Ritossa Summit took place earlier in December, bringing together family offices worth trillions of dollars to discuss how to build a better future. In one of the panels, the attendees got to hear about how BSV is powering smart cities and the Internet of Things to create a better community. Bitcoin Association Founding President Jimmy Nguyen moderated the panel, with Transmira CEO Robert Rice, nChain’s Director of Business Services Simit Naik, and Dr. Mohamed Al Hemairy, head of Technology Transfer Office and chair of Research Outreach Department at University of Sharjah in the UAE, sharing their insight.

One of the foundations of smart cities is the collection and analysis of vast amounts of data, a field that startup GeoSpock excels in and is exploring the role of BSV in smart cities. GeoSpock and nChain have identified that using BSV blockchain to enable geospatial triggered IoT micropayments and settlements in smart cities is an attractive use of their collective technologies.

“The [BSV] blockchain gives you a very secure and a very transparent way of maintaining data integrity. So, we can use the blockchain to ensure the integrity of the data that exists within the geospatial database.”

Rice delved into how his company’s experiential reality platform Omniscape is blending artificial and virtual realities on the BSV blockchain. The BSV blockchain is fundamental for augmented smart cities as it facilitates data access, ownership and trading, Rice said.

“When we start tapping into the rich world of data around us, blockchain is critical for ensuring that this data is safe, secure and trusted. […] We are going from data to information, to knowledge and ultimately, experience.”

Sid Ahmed Benraouane, the innovation advisor to the government of Dubai, pointed out that Bitcoin’s killer application, which is electronic peer-to-peer cash, has been hijacked by selfish entities. These entities have mistakenly identified Bitcoin as a store of value and their goal is to accumulate and hodl.

“This is exactly what we’re trying to change with Bitcoin SV,” Nguyen said. “We have a coin that’s used in daily life, as opposed to big companies buying up huge reserve amounts of Bitcoin, like Microstrategy, and parking it in a reserve and not using it.”

The monetization of data will play a critical role in the development of smart cities, Naik pointed out. “The more you capture data, the more you understand its value. You can make better decisions, identify trends and even incentivize citizens to behave in particular ways.”

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.