Singapore-based startup Limestone Network uses blockchain to create a “smart city” in the capital of Cambodia.
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 app.
Before receiving a passport, users must pass an identity 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 exclude intermediaries in the provision of various services directly to consumers.
The project also aims to expand financial affordability and use a 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 for completion by early 2022, the project will include various partners in the future, such as financial institutions, retail trademark owners, and data analysis firms. Over the next five years, the startup intends to implement similar projects of smart cities throughout Southeast Asia in cooperation with local authorities.
The creation of smart cities on the basis of the blockchain is not a new idea, to one degree or another implemented in many regions. In June, car giant Wanxiang and blockchain startup PlatOn announced that they would create a “smart city” in Hangzhou. In addition, last February it was reported that IOTA plans to create a “smart city” in the capital of Taiwan on smart contracts.