Limestone Network, a Singapore based startup firm, is employing blockchain technology to establish a smart city at the center of Cambodian capital.
Tech in Asia has reported that the 100 hectare smart city hosts offices, residential properties, schools, retail facilities and a huge auditorium for conducting exhibitions. The smart zone boasts 10,000 business establishments and daily floating population 190,000.
Limestone is one of the firms which were funded by blockchain Tribe Accelerator, a program backed by Enterprise Singapore. At its core, the Phnom Penh venture includes a blockchain backed ID system, which offers a digital passport for residents and travellers through the Limestone mobile app.
Background check is a must for users to receive a passport that provides them access to a mobile crypto wallet and also facilities such as tap-in tap-out access to various buildings.
For disintermediation between enterprises and the public, the venture centers on utilizing blockchain to offer secure data transfer, thereby avoiding third-party intermediates in offering services directly to clients.
The firm also intends to improve financial inclusion through the use of electronic payment history and lifestyle information in place of credit score, enabling residents and employees to receive microloans and other financial services.
The project is anticipated to be completed by early 2022 and will have ride-hailing apps, retail brand owners, data analytics firms and financial institutions as partners in the future.
In the next five years, the firm plans to unveil many smart city ventures across South East Asia with the cooperation of domestic governments. Emir Hrnjic, visiting senior research fellow at the National University of Singapore Business School, stated that the main advantage of blockchain powered smart cities is its ability to combine, scrutinize and share real-time information.
Hrnjic admitted the legal and data privacy issues that are faced by both centralized and decentralized technologies. He said
“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.”
Notably, South Korea’s capital Seoul intends to unveil its own crypto currency in an effort to turn into a blockchain powered smart city.
