Limestone Network will work with the country to develop a smart zone boasting 10,000 business establishments

Singapore-based blockchain startup Limestone Network is behind the blockchain technology dispatch in a mission to establish a smart city at the center of the Cambodian capital, Cointrust reported.

It is reported that the 100-hectare smart city will host offices, residential properties, schools, retail facilities, and auditorium for conducting exhibitions.

The smart zone boasts 10,000 business establishments with a daily floating population of 190,000.

It is said to include a blockchain-backed ID system, which offers a digital passport for residents and travellers through the Limestone mobile app. To access the wallet, users have to pass a background check process. They will receive a passport that will also provide them with access to various buildings.

The utilisation of blockchain is meant to secure data transfer and avoid third-party intermediates in offering services directly to clients, the report said.

Moreover, the inclusivity mission of the project highlights the use of electronic payment history and lifestyle information in place of credit score.

Also Read: Limestone Network aims to transform Phnom Penh into a blockchain-enabled smart city

The project is to be completed by early 2022 and will tap into ride-hailing apps, retail brand owners, data analytics firms, and financial institutions as partners in the future.

Limestone Network was founded by Eddie Lee and is backed by Tribe Accelerator, a programme by Enterprise Singapore.

The company focusses on smart city ventures development across Southeast Asia by partnering domestic governments. It said that the development across Southeast Asia would be on the pipeline for the next five years.

“Our team envisioned Limestone Network to be the final solution that resolves existing challenges faced by governments, real estate developers and estate management service providers. When Limestone Network is implemented into a real estate project or existing infrastructure, it will allow the facilities management to be taken to a simpler yet more secured level,” Eddie Lee shared exclusively to e27, back in May 2019.

According to Emir Hrnjic, a visiting Senior Research Fellow at the National University of Singapore Business School, the main advantage of blockchain-powered smart cities is its ability to combine, scrutinise, and share real-time information.

“The future of blockchain-enabled smart cities would likely be something in between an ideal society, where everyone has control over their lives and environment, and a dystopian society of a few controlling the masses,” Hrnjic said, weighing in the pros and cons of such smart city.

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Image Credit: binh dang nam on Unsplash

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