Singaporean start-up to use blockchain technology to build smart city in Phnom Penh

• 16 August 2019
• Local News
• 1964 Views

Singaporean start-up Limestone Network plans to use blockchain technology to build a smart city in Phnom Penh, as part of its ambition to build a smart city ecosystem network for real estate and infrastructure development across Southeast Asia.

Using a blockchain technology- a digital record of transactions network that has no central authority – the network will cover up to 10,000 business tenants and 190,000 of the daily population. It will span across 20 hectares of workspaces and include shopping malls, schools, retail outlets, and a huge exhibition hall.

Speaking in a recent interview with e27, Limestone Network Co-founder Eddie Lee, said that the initiative was aimed to help tackle challenges faced by the city including 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 quoted as saying, “businesses, retail shops, building facilities, consumers, tourists and the daily visitors would be able to interact with each other in a smarter and more effective manner to provide a meaningful smart city experience”.

According to Eddie Lee, in order to build a smart city, it should first start with a digital ecosystem that allows real time analysis of living and moving data.

The process would start by requiring the people living in the city to register in a mobile application developed by Limestone known as the ‘digital passport’. The identity then will then be sent onto the blockchain network leading to payment data being set up.

The project was launched in 2018 with an initial capital of S$1.5 million (about US$1.1 million) and is expected to completed by early 2022 which then can be open to third party solution providers like telecommunication, financial institutions, retail brand owners, ride-hailing apps, and data analytics companies. (Read more)

• Urbanization and Architect
• Technology and Engineering
• Digital and Smart City