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With the advent and proliferation of the internet, the fourth industrial revolution is in full swing. As a result, different technologies have the potential to impact the course of human development. In other words, worldwide populations are moving towards growing urban centers and as a result, smart cities are emerging as the integration of human activities and technologies. These smart cities are built on top of different technologies such as blockchain and the Internet of Things (IoT). Consequently, the applications of these technologies in current and future smart cities will not only change the nature of human interaction and governance but also how business is conducted. This paper proposes an experimental study (qualitative and quantitative) that will determine the impact of blockchain and IoT technologies on the development of smart cities. It aims to derive insight from questions such as how current business models are preparing themselves for this disruption, the challenges they will face, and the potential contributions the two technologies will have on business development. The study’s outcomes will provide the rationale for why businesses should start paying attention to these technologies and start on an early adoption plan that will slowly transform their business models as smart cities mature.

IoT and Blockchain in the Development of Smart Cities