The Future Of Cities: The Rise Of Tokenization

The Future Of Cities: The Rise Of Tokenization
The Future Of Cities: The Rise Of Tokenization

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By citiesabc resources - Apr 19, 2022
The Future Of Cities: The Rise Of Tokenization

Tokenization is the process of replacing sensitive data with unique identification symbols that preserve all the essential information about the data without threatening its security. City tokenization is a process where some forms of assets are converted into a token that can be moved, stored, or recorded on a blockchain. This might sound complex but tokenization is turning a meaningful piece of data, such as an account number, into a random string of characters called a token that has no meaningful value if breached. Tokenization, minimize the amount of data that a business need. It has become a popular way to reinforce the security of credit card and e-commerce transactions, for small and medium businesses. At the same time, it minimizes the cost and complexity of compliance with industry standards and government regulations. Tokens act as the reference to the original data, but cannot be used to estimate those values. Because, unlike encryption, tokenization does not use a mathematical process to transform sensitive information into a token. There is no key, or algorithm, to use to derive the original data for a token. Instead, tokenization uses a database, called a token vault, which stores the relationship between the sensitive value and the token. The real data in the vault is secured, often via encryption. Smart cities tokenization substitutes sensitive information with equivalent no sensitive information. Token - Smart City Solutions helps Making Smart Cities Smarter

Making Smart Cities Smarter

In smart cities tokenization, the token value can be used in various applications as a substitute for real data. When the real data needs to be retrieved, the token is submitted to the vault and the index is used to fetch the real value for use in the authorization process. For the end-user, this operation is integrated by the browser or application nearly instantaneously. The advantage of tokens in city tokenization is that there is no mathematical relationship to the real data they represent. Tokenization technology can be used with sensitive data of all kinds, such as bank transactions, medical records, criminal records, loan applications, stock trading and voter registration. To make the token more useful, some considerations can also be given to the design of it. For example, the last four digits of a payment card number can be preserved in the token so that the tokenized number can be printed on the customer’s receipt so they can see a reference to their actual credit card number. The printed characters might be all asterisks plus those last four digits. Because of the security purposes, in this case, the customer only has a token, not a real card number.

Token - Smart City Solutions

The concept of Token - Smart City Solutions in the payment card industry, tokenization is one means of protecting sensitive card data to fulfil industry standards and government regulations. For making smart cities smarter tokenization is used to protect credit card data, bank account information and other sensitive data. Payment processing use cases that tokenize sensitive credit card information, including mobile wallets like Android Pay and Apple Pay, e-commerce sites, and businesses that keep a customer's card on file. How smart cities tokenization works? Tokens are created in several ways using a mathematically reversible cryptographic function with a key, using a nonreversible function such as a hash function, and using an index function or randomly generated number. To make smart cities smarter the token becomes the exposed information; so, the sensitive information that the token stands for is stored safely in a centralized server known as a token vault. The token vault is the only place where the original information can be mapped back to its corresponding token. So far it is clear that tokenization works by replacing the valuable data from your environment with tokens. In any business there are at least some sensitive data about different subjects including credit card data, medical information, social security numbers, or anything else that requires security and protection.

City tokenization; What are tokenized stocks?

In smart cities tokenization, tokenized stocks are digital representations of shares in publicly traded firms like Tesla, Apple, and Facebook. The value of these digital tokens is based on the value of the basic asset. But how do tokenized stocks work? Tokenized stocks are similar to standard shares purchased in a listed company, except that tokenized shares are in the form of digital tokens. In different trading platforms, some tokenized stocks are backed by the underlying traditional equities and redeemable, and others simply track the prices of the equities. Tokenized stocks can be purchased with cryptocurrencies on supported trading platforms, allowing you to invest and build wealth in the stock market without any barriers to entry. Making smart cities smarter is to improve people's lives in areas such as policy efficiency, social and economic quality, and maximizing the social inclusion of their inhabitants. Token - Smart City Solutions help cities to provide better services. City tokenization increases government efficiency and helps them to tackle major challenges. The ultimate goal of city tokenization is to create a more livable, sustainable and prosperous city or community.

Smart cities tokenization

The goal of smart cities is to promote basic infrastructure and offer a dignified quality of life to its inhabitants, a sophisticated security system, a clean and sustainable environment and the application of intelligent solutions that improve the operation and efficiency of the city. Tokenization in blockchain refers to the issuance of a blockchain token, also known as a security or asset token. Blockchain tokens are digital representations of real-world assets. When a real-world asset is represented digitally as cryptocurrency, it is actually tokenized. Some of the most common smart city projects for making smart cities smarter include smart lighting, smart transportation systems, and smart utility metering for electricity and water. Tokenization has existed since the beginning of early currency systems, in which coin tokens have long been used as a replacement for actual coins and banknotes. The concept of tokenization is the same as in digital tokenization to act as a surrogate for a more valuable asset.

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