Limestone Network is a startup based in Singapore that aims to disrupt the urban environment in Southeast Asia by using blockchain to build smart cities. The first planned project comprises a 100-hectare land in Phnom Penh.
The project is backed up by private investors and it will affect approximately around 200,000 people on a daily basis and around 10,000 business tenants. The project will include schools, office space, residential homes and an exhibition hall.
According to Tech in Asia online newspaper, the idea of building a city through blockchain was conceived around three years ago by Eddie Lee, a tech entrepreneur and his friend who was in real estate.
Mr. Lee commented that the differentiating point in their project will be the utilization of software as opposed to hardware such as cameras, sensors and the like.
This is what Mr. Lee added:
Building on a hybrid blockchain infrastructure, the smart city collects information through residents’ multiple daily touch points. These create an understanding of how the city moves, lives, and functions.
The process of creating a smart city on blockchain will be a rather interesting one, as the first step is to onboard all workers and resident of the city on the Limestone mobile app with a digital passport. Once this step is completed, all residents will be checked for criminal records, as the app will allow for such a check against global data records. Once they are cleared and have a digital passport, resident of the Phnom Penh city can unlock all features in the city.
The entire idea of the smart city built on blockchain is not only to be modern, but also inclusive. The project is planned for completion by early 2022 and only later it will be opened to other solution providers such as telecoms, banks, retail brands, etc.
More about blockchain can be found here:
- German engineering giant secures a EUR 750m “sustainable” loans
- IBM and Chainyard launch a new blockchain supply chain platform
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Limestone Network to build a smart city using blockchain was first posted on August 14, 2019 at 1:33 pm.