Published By : 10 Jun 2016 | Published By : QYRESEARCH
Although there is no standard pattern to explain what a smart city is, most people in this field agree that it is the way to the future. The rate at which technology is moving today is almost blinding, so much so that even the assumption of the word “smart” has evolved from what it meant a few years ago.
What Makes a Smart City?
In order to understand the method of creating a smart city, it is necessary to understand the reason behind its creation. Because indeed, necessity is the mother of invention. And the need of the hour is resource management. We as a species have reached a point where the resources that we use are falling short in meeting the perennially growing demand for them. For instance, the fledging use of the LED devices has helped us save large reserves of power over the course of time. They are helping cut back the demand for electricity in the midst of rapidly rising power prices. And that forms the basis of creating a smart city: saving resources. Whether it is time, money, of fuel, a smart city can help society make the most of it by integrating multiple things into a network designed to schedule and speed up processes as much as possible.
Current Smart City Developments
One of the major developments in the market for smart city technologies is the Smart City Challenge set up by the United States Department of Transportation. Seven cities have been inspected for their capabilities as a smart city, and one of them will be crowned the best. This is done in an effort to standardize the process of building a smart city so that other regions and players may take examples from them. The winner earns a US$50 mn prize money pool and more importantly, major interest from the biggest global companies that are interested in being a part of the smart city market.