Singapore-based startup Limestone Network uses blockchain to create a “smart city” in the capital of Cambodia.
As reported by
Tech in Asia, a 100-hectare complex development in Phnom Penh includes residential real estate, offices, shopping centers, schools and a large exhibition hall: 10,000 business tenants and 190,000 residents will participate in the project. The smart city project in Phnom Penh is based on a blockchain-based identification system that creates a digital passport for residents and visitors using the Limestone mobile application.
Before receiving a passport, users must pass an identity identification that gives them access to a mobile digital wallet. The project focuses on the use of blockchain to ensure secure data transfer, so that firms can eliminate intermediaries when providing various services directly to consumers.
The project also aims to expand financial accessibility and use digital payment history, as well as lifestyle data as the equivalent of a credit score, which allows residents and employees to apply for microloans and other financial services.
Planned to be completed by early 2022, the project in the future will include various partners, such as financial institutions, retail brand owners and data analysis firms. Over the next five years, the startup intends to implement similar smart city projects throughout Southeast Asia in cooperation with local authorities.
The creation of smart cities based on blockchain is not a new idea, which is being implemented to some extent in many regions. In June, the automotive giant Wanxiang and the blockchain startup PlatOn announced that they would create a “smart city” in Hangzhou. In addition, in February last year, it was reported that IOTA plans to create a “smart city” based on smart contracts in the capital of Taiwan