Cities across India have been working towards making urban cities more livable and sustainable. To achieve this, they are implementing various programs to make their cities more progressive and innovative. One such program is the Capital Smart City Payment System. This payment system has been developed by the National Financial Inclusion Catalytic Platform.

It is a unique model that uses  technology to address several challenges faced by Indian cities in getting affordable credit that is essential for modern city development.

What is a Capital Smart City ? A capital smart city is one where private investment is encouraged for creating an affordable housing market, modern infrastructure, retail and services sector, higher end-use industries etc. These types of cities are also known as efficient, livable cities.

How does Capital Smart City Payment System Work?

The payment system works as a means of settlement between buyers and sellers in the real estate market. It uses  technology to make payments more secure, transparent and efficient. This payment system uses the NFX token as the medium of exchange between real estate sellers and buyers. The NFX token offers several benefits to users that include quicker, more secure, and more transparent transactions.

It also has a built-in insurance policy that protects the token holders from any fraudulent activities. The following are the primary uses of  in the system: – The real estate registration process: The registration process in Indian real estate is often lengthy, tedious and prone to fraud. This is because of the paper-based registration system that currently exists in most cities. The based system would provide a centralized registry of properties.

This would help in curbing fraudulent activities in the registration process. – The exchange of property: The exchange of property using the payment system is made easy using the token. It eliminates the physical exchange of documents like the transfer deed, agreement, etc. This makes the whole process more efficient and cost-effective. This also reduces risks and inefficiencies.

This means that the seller can pay the predetermined amount of money through the token to the transaction settlement node.

Uses of Blockchain in NFCIP Payments

Real estate registration – The real estate registration process is often fraudulent due to the paper-based system that currently exists in most cities. This process is prone to fraud because of the lack of a centralized registry of property. This would ensure a centralized registry of property that can be verified and traced through the system. Real estate exchange and settlement .

The real estate exchange process is another difficult and lengthy process in most cities. This is because of the paper-based system that currently exists in the real estate market. The  technology can eliminate this process using the token.  Real estate insurance – The real estate insurance is also an expensive and time-consuming process.

This results in delays in claiming the payout. The blockc technology can make this process more efficient using the token.

This can be done using smart contracts that make the whole process transparent, secure and traceable. Retail and services sector – The retail sector is a great way to create employment and prosperity in a city. However, it is often controlled by a few large-scale corporations.

The technology can be used to make the entire system decentralized and transparent. This can result in a better distribution of profits and employment among small-scale retailers.

Advantages of Blockchain in NFCIP Payments

Security – The  technology is an extremely secure system. It makes use of cryptography to make the system highly resistant to hacking and system manipulation. This ensures secure transactions across the system. Transparency – The  technology is a highly transparent system.

How Smart Cities Can Save Billions in Energy – and Improve Quality of Life

Smart Cities are no future trend – they’re now. Smart technologies are everywhere from your smartphone to smart thermostats to connected cars. As a result, the smart city concept is no longer just about monitoring or IoT-enabled services but how this can bring real benefits to the people who live and work in them. Smart cities are already part of our everyday lives, and will only become more so. They enable us to take better care of the surroundings in which we live and work; minimise costs, waste and carbon emissions; as well as improve quality of life by integrating digital solutions into every aspect of city life. Let’s take a look at what being a smarter city means and how you can implement some of the most effective ways to do it …

How can smart cities save you money?

Today, people are increasingly looking for better ways to manage their money. City dwellers in particular are looking for ways to reduce their energy and utility costs. This makes sense, considering that roughly 30% of a city’s energy bill is associate  with heating, cooling and lighting. Smart technologies in smart cities can help reduce energy consumption by detecting when demand is high and turning on equipment not in use. They can also be integrate with energy management systems to identify opportunities to reduce consumption, such as when equipment is off or in standby mode. Some smart cities are even exploring the concept of a “smart utility” that would manage energy use and promote energy conservation among customers.

Smart cities for a better quality of life

Cities have been steadily becoming smarter over the past few decades, with technologies like sensors, analytics and Internet connectivity making life easier and more efficient. The smart city concept is about taking this to the next level, by integrating digital technologies into the city experience, from transportation to utilities and beyond.

For example for the residents, smart cities can provide residents with an increased level of convenience. This can include smart parking systems that automatically allocate parking spots by time and location, smart traffic systems that automatically adjust traffic flow based on weather, or smart utility systems that provide customers with real-time usage data and alerts.

For visitors, smart cities can promote a more welcoming and safe experience. The most obvious example of this is through smart city transportation systems that manage transportation options, such as transit options, traffic flow and parking availability. Other smart city transportation systems provide insights into public safety, such as crime statistics and air quality metrics.

Smart cities can boost your business bottom line

Similar to the way smart cities can promote a more welcoming and safe environment for visitors, they can also create a more prosperous business environment for local businesses. The first is by directly promoting local business, through advertising or through specialised online marketing efforts. The second way is through the promotion of local business, through improving city services.

For example, a city might use sensor data from traffic signals to adjust timing to reduce traffic delays, a utility system to manage electricity consumption, or tree plantings to promote greenery to reduce air pollution. Another way to promote local business is through business development efforts, such as incubators or accelerators, which provide business training and mentorship.

Conclusion

Being a smarter city means looking at all aspects of city life and identifying areas for improvement. There are many ways in which smart cities can help improve the quality of life for residents. It’s important to remember that implementing smart city technologies doesn’t necessarily have to involve large-scale investment. In many cases, it can simply be a matter of updating existing systems to incorporate new technologies. Ultimately, the benefits of being a smarter city are plentiful, and they’re worth the effort.

The Capital Smart City Payment plan System uses the token as the method of payment in the real estate market of the cities implementing this payment system.

The use of the  token in the system encourages the creation of more affordable housing for the urban population. It also encourages the development of modern infrastructure, retail and services sector in the city.