With no shortage of innovation, the Singaporean startup Limestone Network is all set to give Southeast Asia its first blockchain-powered smart city. A 100-hectare project in Cambodian capital is under consideration. The areas will be spanned by residential projects, commercial projects, schools, and exhibitions. It will be a place of dwelling for 10,000 business tenants and a thriving population of over 190,000.
Eddie Lee, co-founder and managing partner of Singapore based Limestone Network this is the one of its kind project where the smart city will be established on the basis of hybrid blockchain infrastructure. Multiple touchpoints will be established to incessantly record the data about how the city moves and functions.
Limestone Network was established in December 2018 with a seed capital of $1.08 million but the idea of such a the city was conceived by its cofounders three years ago.
The plan of the smart city is already in place and would begin with the creation of a digital passport. The Phnom Penh smart city project plans to register all the residents and workers using the Limestone mobile app that will map all the data on the blockchain.
The digital passport would act as a key to everything for the residents. Right from the digital wallet to the digital persona of their routine activities, everything will be accessible using the digital passport. As a permission-based blockchain, the residents will have full control of the sensitive information related to them.
Limestone piloted a blockchain project in June with Killiney Exchange Coffee shop in Phnom Penh development. The coffee shop now offers its customers a cryptocurrency payment option using an App.
By early 2022, the smart city project is expected to go live and then it will invite third-parties to collaborate for running a complete daily routine ecosystem. As a pioneering starting-up supported Singapore Government’s Tribe Accelerator program, Limestone is a major player in the blockchain space right now. As per Limestone, it targets to render smart city projects in Southeast Asia like Malaysia, the Philippines, other cities of Cambodia and Singapore in the next 5 years.
Lee believes that with urbanization on the rise, blockchain seems to be the only technology that can help in the execution of smart governance. Estonia is one of the leading countries that is looking forward to blockchain to run the smart cities. Dubai is already developing its blockchain-backed government and by 2020, over 100 million paper filings in Dubai will be executed over a blockchain that will include visa processing, licensing and utility bill payments.
While in the US, Austin city is looking ahead to adopt blockchain to assign unique identifiers to the 2,000 homeless residents. This set up will circumvent the frauds that happen in availing health and social services by the homeless. According to Paul Griffin, the associate professor at SMU (Singapore Management University), because of the diversity of environments, Singapore holds a great promise for smart cities.
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Contributing Writer for the Crypto Intelligence Agency