Having been one of the most forward-thinking and innovative nations in the region, Turkey shows no signs of slowing down. This is because of its growth and its adaptation to the demands of modern technology.
A fine example of this comes from the fact that the city of Konya is now leading the way for cryptocurrency and blockchain developments. The city is known for its famous figures such as the poet Rumi, but it’s also now a technological haven within the city.
While most of the history in Konya is ancient, this new development could help to set some modern history for the city and the region.
It’s become a major part of the Turkish technology industry and has been dubbed the ‘Silicon Valley of Turkey’, as you might imagine. Part of this growth comes from the massive funding going into the Konya Science Center.
The Metropolitan Mayor of Konya, Uğur İbrahim Altay, recently spoke at a Smart City congress in Ankara. He said that his city is looking to build a “City Coin” and form a blockchain financial system for the whole city.
It’s been worked on for some time by major masterminds in the industry such as Dr. Ali Osman Çıbıkdiken. Çıbıkdiken is the head of the Konya Science and Technology Valley and is one of the major leads on the City Coin project.
He also works alongside TrueFeedBack, a major blockchain project. The first part of the project, though, is to try and find a way to use the blockchain system to help with funding social programs properly.
The aim is to use Konya as an example of what could be doing for local government across the whole country. The aim is to go live within a year and have the program operates within that time.
With a population of over 2.4m people, Konya is a great place to try this out. It’s a modern, refreshing city that is already very much tapped into the Smart City process.
As such, they make the ideal place to begin any kind of discussions and evaluations about using cryptocurrency in this way.
From a new payment system being built to use credit cards to smartphone apps for e-municipality functions, this is a city with a growing reliance on Smart tech.
Given the nation as a whole is really pushing forward with Blockchain technology, with the ‘Digital Lira’ expected to arrive this year, this should come as no surprise.
Turkey is a European leader in the crypto development cycle. Expect this to continue long into the future. If Konya is a success, then we could see this becoming a major part of Turkish life as a whole.
While some are reticent to see cryptocurrency as the be-all, end-all solution to financial disparity, this is definitely an interesting talking point. If Konya manages to show that this kind of project could work, it could be transformative to how local governments are given access to funding.