As smart cities become a point of aspiration in many countries, they are continuously gaining attention. These urban utopias have a clear connection between citizens who built them and those systems, networks, and devices that allow for their efficient, safe, and secure operation. Most importantly, they will be built on entirely new financial technology infrastructure that supports the flow of micropayments over financial “plumbing,” in a similar way that other essential utilities (water, energy, data, etc.) flow through pipes, cables, or fiber.

A smart city’s primary goal is to maximize city functions and foster economic growth using cutting-edge technologies. Smart cities aim to improve operational efficiency, attain sustainability goals like energy efficiency and resource management, and above all improve the quality of life for residents.