Singaporean newcomer Limestone Network has announced plans to establish a fully blockchain-powered smart city within the Cambodian capital of Phnom Penh.
In a report by Asiaone, Limestone Network co-founder and managing partner Eddie Lee explained that the 100-hectare mixed use development was first conceptualized three years ago by him and a friend in the real estate development sector. Responding to a move by many cities to incorporate blockchain technology into their infrastructure, the startup saw an opportunity in building an entire smart city in which blockchain was fundamentally integrated.
The company’s privately backed S$1.5 million development in Phnom Penh is to comprise residential homes, department stores, schools, office buildings and a large format exhibition hall, altogether accommodating a projected 10,000 businesses and up to 190,000 people on a daily basis.
Using digital passports, information will be collected on the city’s registered residents through daily touchpoints. The passports will also allow interaction and unlock functionality within the project, such as a digital wallet, via the Limestone mobile app. Collected data will inform the city’s hybrid blockchain infrastructure, giving it an understanding of its residents’ activities and needs.
Lee remarked that the digital persona created for residents could be equated to a credit score, noting this would especially address the issue of many Cambodians being “financially excluded” due to not having a bank account.
Limestone Network has already begun piloting its solutions. In June of this year, it launched a campaign at a coffee shop within its development, promoting the use of its app for transactions in place of credit cards and cash.
Limestone Network is a member of Singapore’s state-sponsored blockchain incubator Tribe Accelerator and receives backing from Enterprise Singapore.
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