Venture capital firm Pithia has announced a $2.4 million investment in smart city technology firm DigitalTown to “accelerate the development of the DigitalTown technology integrating self-sovereign identity for thriving local economies as a core design principle.”
DigitalTown has been recorded as the first public company to fully adopt blockchain, particularly the third-generation blockchain RChain. The company is entering into a partnership with lifeID, a Pithia portfolio firm, to reinforce its identity management platform development. Both the parties are now working hand-in-hand to offer self-sovereign identity capability at zero-charge to all everyone on the globe.
As part of the investment round, three Pithia executives including its CEO Lawrence Lerner will join DigitalTown’s board.
The DigitalTown platform makes use of both RChain and lifeID to provide the infrastructure for blockchain developers to create decentralised applications. The company has formulated smart city solutions for multiple US cities which includes London, Ohio; Miami, Florida; and Nashville, Tennessee. Presently, it is busy introducing solutions in the Central Texas corridor from Austin city to San Antonio.
Lerner commented: “The investment in DigitalTown brings foundational services via blockchain to consumers in every day businesses such as restaurant, hotels and other services. It is one more of the layers of infrastructure services bringing us another step closer to impactful, real world use cases for performant blockchains. Pithia is thoughtfully building the underpinnings of the blockchain era, and nothing is more foundational than the cities we live in and how we interact with one another.”
DigitalTown’s mobile and web application allows municipalities, residents, visitors and merchants to work collectively to build thriving sovereign local communities.
Back in March, Gartner said that citizen engagement is crucial to the success of smart cities. In addition, healthy interaction between the government and citizens is a key component to ensure that the right concerns are addressed.
At the Gartner Symposium/ITxpo, analysts have highlighted several recommendations for the success of smart cities such as detecting and prioritising concerns negatively impacting citizens and making use of technology to address these concerns and paying attention to the concerns of less tech-savvy citizens.
Interested in hearing industry leaders discuss subjects like this and sharing their IoT use-cases? Attend the IoT Tech Expo World Series events with upcoming shows in Silicon Valley, London and Amsterdam to learn more.