Smart Economy: Smart Cities Strategy for a Smart Economy.

Smart Economy, When do you utilise a smart device in your home? Many times, whether consciously or unconsciously. Smartphones, wearables, personal electronics, smart lights, and tablets are just a few of the gadgets that have become part of our everyday lives. The term “intelligent gadgets” refers to a wide range of smart devices that are now commonplace in our homes. The push toward smart spaces or cities, on the other hand, reaches much beyond our residences.

We are living in a moment of urban change. Cities are drawing a rising number of people, and they are fast developing. According to UN estimates, 68% of the world’s population will be confined to urban areas by 2050. Not only is accommodating more people a burden, but these communities are also seeking to balance “quality of life” and “sustainability,” which are universal issues. Smart city initiatives can help solve these issues.

How does a smart city appear?

A smart city notion is one that focuses the use of technology to efficiently manage the city’s assets and resources in order to increase the quality of services and, ultimately, the quality of life for its residents.

The approach is composed of six main components. It covers so-called “smart people,” “smart cities,” “smart transportation,” and “smart environment.”

Additionally, it incorporates — smart living and smart governance — which, when combined, may aid to the achievement of the smart city plan by boosting social inclusion, technical inclusion, economic development, and environmental sustainability in order to accelerate the smart economy.

Intelligent Individuals

As the heart and basic component of the smart city system, smart people must exhibit qualities such as professional quality, a high Human Development Index, an integrated education system, and the capacity to recruit knowledge workers. They must also accept e-learning methods, embrace technological advancements, maintain a healthy lifestyle, and contribute to make the city more liveable.

Residents of smart cities must become more involved. However, how is this possible? Thanks to technological advancements. Consider the instance where individuals may utilise applications to more easily report local problems or community networking sites to interact and trade resources.

This is merely one example; technology may aid in a number of ways. As a result, it is vital to build a centre for learning new technologies and to stimulate investment in technology.

Economy of the Smart City

The ideal smart city economy possesses a plethora of characteristics; nevertheless, in a nutshell, the city should be intimately familiar with its economic DNA and work diligently to promote entrepreneurship, investments, tourism, human resource development, natural resource development, and innovation.

A specific innovation facility, e-commerce platform, and business centre all contribute to the creation of a smart city economy. The notion of Technopolis has the potential to speed the city’s and eventually the nation’s economic growth.

Intelligent Mobility

Mobility should be examined in this context not simply in terms of automobiles, but also in terms of people. With traffic being the plague of many city dwellers’ existences, technology has the potential to deliver some promising sustainable mobility solutions.

For instance, public transportation routes can be adjusted in real time to meet demand, intelligent traffic light systems can help alleviate congestion, traffic management can be improved, public transportation apps, intelligent bus stops, vehicle sharing apps, and parking sensors can all be implemented.

Robust information and communication technologies, logistics, and public transit powered by technology may reduce traffic congestion and keep it flowing.

Environment Intelligent

Another key component of the smart city system is the smart environment. The objective here is to safeguard the ecological and environmental system through network and environmental monitoring, as well as energy efficiency.

Again, technology plays a crucial role. Environmental information and alerts are delivered, distribution networks are monitored, and sensors are put in containers.

Additionally, it is employing applications to detect accidents, electric vehicles, intelligent lighting, smart grids, and a range of other technological solutions that can assist accomplish the efficiency and results that a smart city strives to achieve for all.

Intelligent Living

What variables contribute to intelligent living? Daily living in the metropolis that is attractive. However, accomplishing this is not simple. One must consider health and safety in addition to technological accessibility.

Everything is dependant on technology, so how could smart living be an exception?
Telehealth, video surveillance, Wi-fi, optical fibre, and appointment scheduling apps, for example, all contribute to the greater picture of urban liveability and resilience.

A smart city should have a vibrant centre that is accessible 24 hours a day and provides convenience, rapid mobility, and connectivity, as well as social cohesion.

Intelligent Governance

Smart governance is the final component and a necessary component of a smart city. A great smart city is one that governs itself with ART (accountability, responsiveness, and transparency) (accountability, responsiveness, and transparency).
E-municipality, social networks of city councils, GIS, smart justice, and other smart systems may drive ART.

Also, numerous technology solutions like Web portals, online forums, mobile applications, and unified services can help citizens express their concerns, suggestions, and problems with the government.

A government can adopt any of the four models G2C (Government to Citizen), G2G (Government to Government), G2B (Government to Business), or G2E (Government to Employee) to achieve this.

Key Challenges faced in developing smart cities

Funding \sLack of interest \sIlliteracy
Funding is a crucial concern need to be solved to remove the impediments in effective smart city initiatives. A regulatory framework of the country here plays a vital part in addressing the issues of finance.

The local government can seek central grants, subsidies, national investment, and infrastructure funding from the government. On the other hand, it can opt for direct finance by issuing shares or other long-term sources of money.

The finance might pick for indirect financing, municipal bonds, stock market instruments, mezzanine financing or Real Estate Investment Trust along with studying the alternatives of overseas forms of funding.

Here, another issue, i.e., lack of interest could cause issues and the lack of interest may arise from lack of E-illiteracy.

What makes smart cities successful?

Ubiquitous wireless connectivity: The quality and dependability of connection become vital to the smart city. High-bandwidth, low-latency, future-proof networks are vital to support the unprecedented degree of interconnectedness and convergence. The fiber-optic cable also is a superb solution to suit today’s smart city applications as well as future technologies.

Open data: Whether you’re talking on the phone, driving your car, or merely tracking your workouts with wearable gadgets, data is gathered. But have you considered what happens with the information? Much of it is applied to enhance things or construct new algorithms. But how smart city can gain from open data? It aids in acquiring insights into the lives of residents, mend their challenges, and help construct more equitable, and inclusive services.

Trustable Security: The cost of security failure is substantial. Unsecure devices, gateways, and networks are perfect territory for hackers interested in producing city-wide disruption and potentially system takeover. A joint initiative encompassing partners like sensor and actuator makers, gateway providers, standards boards & even operating system developers would assure verified, approved, and encrypted communication

Flexible monetization schemes: Smart cities should maintain the freedom to implement different pricing models—and eventually make significant profits. So where may this be applied? Bridge and highway tolls, recycling and garbage loyalty points, subscription for parking for consumers and corporate fleets, subscription to city-based internet access, and Elearning materials can be some of the alternatives.

Smart City Trends

IoT– Cities that recognise the potential of infrastructure being connected with IoT and put the same in place middleware and cloud systems may gather and utilise it to gain huge advantages over time.
5G is known for its speed and connectivity, smart cities may gain its benefits.
Data Analytics is another invention that permits smart system attempts to anticipate potential difficulties, zero in the possibilities, and gain
Blockchain is beyond cryptocurrencies and may be employed by smart cities in insuring safety and security in its varied activities.
Automation: The low-hanging fruit in the AI segment too may improve the worth of the workforce and make organisations wiser.

Final Thoughts

One investigation by McKinsey Global Institute indicated smart city technology may boost crucial quality of life measures — such as the daily commute, health challenges, or crime incidents – by 10 to 30 percent.

Creating a network of objects that are capable of smart interactions can open the doors to a broad range of advances. IoT has some of the solutions but the majority of them rely on the human component.

Deciphering how each building block is associated with the other and its sensitivity in planning and execution stages coupled with embracing technology helps accomplish the aspirations of a smart city and contribute towards a smart economy.

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