Futuristic city with its own government in the Nevada desert.

Futuristic city with its own government in the Nevada desert

Blockchains LLC plans to build a private smart city in Nevada that will have its own government, courts and even tax system. All based on blockchain technology. Some state lawmakers look favorably on Jeff Berns’ company’s proposal, with Amazon and Tesla still on the horizon.

What is blockchain?

Before we move on to creating a futuristic city in the middle of the American desert, it’s important to explain what blockchain technology is. In the simplest terms – it is a decentralized, distributed digital ledger, which records and stores information on. transactions made on the Internet. Blockchain stores data encoded with complex cryptographic algorithms. Because of this, the technology is extremely secure. The data is stored as one-way records, which are referred to as blocks. Blockchain is most often identified with cryptocurrencies such as Bitcoin or Ethereum.

Blockchain was first described by Stuart Haber and W. Scott Stornett in 1991. At the time, it was used to time-stamp documents. The world became more familiar with this technology in 2009., When Bitcoin was launched and the first block of cryptocurrency was issued – says Łukasz Mędrzak, CFO of Geco.one, a modern platform for trading digital assets, which is a member of the Polish-Estonian Chamber of Commerce.

The blocks of information contained in blockchains are scattered throughout the network – they have no central place where the data they contain is stored. Each user only has visibility into their own transactions and can view their entire payment history since the technology’s inception.

Blockchain technology is being used successfully by various segments of the economy – no longer just financial ones. German energy company E.ON SE back in 2017. used blockchain to make transactions. In an identical way the technology was used by the Italian company Enel Group. Blockchain can also be used as a secure digital signature – says Łukasz Mędrzak.

Private cryptocurrency city in Nevada

Jeffrey Berns – CEO of Blockchains LLC – a blockchain incubator and investment company, in 2021. wants to start building a cryptocurrency “smart city” in the Nevada desert. To this end, the company in January 2018. has bought a land of as much as 217 sq km for $170 million. In an interview with the Associated Press, Jeffrey Berns admitted that he has approached the state of Nevada about the possibility of creating an autonomous self-government. The company called them “innovation zones” and proposed to give them the same powers that counties have. If lawmakers go along with his idea – Blockchains LLC in the created city will be able to enable cryptocurrency payments and even create courts or impose taxes.

The proposal of the blockchain tycoon can completely revolutionize not only the technology market, but the entire policy of states towards private companies. Cryptocurrencies and digital assets are the future of mutual funds and the global economy. There’s no doubt about it – says Jarosław Stankiewicz, COO of the trading platform Geco.one.

Berns plans to start building a smart city in 2022. The company’s CEO says the company could build up to 15,000 homes on the purchased land within 75 years. However, on most of the land owned by the company – at least for now – the construction of residential buildings is not allowed. This would reduce the number of homes to about. 3500. CEO of Blockchains LLC announces that the smart city will also include an e-sports arena, content creation studio and campus.

A place where people are ready to start from scratch

The idea seems completely crazy, but it has already found some supporters among Nevada authorities. Innovation zones and the idea of a cryptocurrency incubator were a major part of Gov. Steve Sisolak’s January speech. He said at the time that Blockchains LLC’s proposal would transform Nevada into the “epicenter of an emerging industry” and create good-paying jobs. Republican state senator – Ben Kieckhefer -, who supported blockchain-related legislation in 2017 and 2019 – was also interested in the idea. For now, however, he has not officially endorsed it, although he urges people to listen to the company’s arguments.

However, not every lawmaker is in favor of the “investment zones” proposed by the company. Democrats, while wanting to stimulate and diversify Nevada’s economy, fear the consequences of Berns’ idea. They believe that allowing the creation of an autonomous self-government could lead to deeper control of citizens’ lives by technology companies. Jeff Berns himself sees the matter quite differently.

He argues that today’s legislation and traditional governments are not conducive to the development and potential of blockchain. His goal is to create a space where people can invent new applications for cryptocurrencies and the technology used by his company. Financial statements, medical records, personal data, marriage contracts and even voting – all based on blockchain – this is how Jeff Berns imagines his city.

If Nevada lawmakers support the cryptocurrency company’s proposal, it would mean that all companies with at least 200 sq km could create their own cities. Investment zones would be managed by three people who would be given the same powers as county commissioners. Who could be next in line to create a smart city? Most likely Amazon or Tesla, who also own facilities and a significant amount of land in the same county quoted by Jarosław Stankiewicz.

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