In this work, we explore context-aware application scenarios that become possible utilizing semantically-rich information derived from real-world mobility and presence traces. Traces produced by people carrying personal mobile devices, capturing social and contextual interactions, serve as enables for Future Internet applications. We discuss the fundamental concepts, technical issues and related research challenges. We propose a reference architecture for setting up a system that collects such traces in a Smart City environment. We present the algorithms used to process the traces and infer interactions and interests for the observed populations. We conduct two 3-day trial deployments: one in an office environment and the other in the context of a Smart Conference application. We discuss our findings regarding the system's capability to track interactions and the overall efficacy of the application.