A Singaporean startup, Limestone Community, is utilizing blockchain to maintain a wise neighbourhood on the coronary heart of the Cambodian capital.
As Tech in Asia stories on August 14, the 100-hectare mixed-use improvement in Phnom Penh encompasses residential properties, places of work, retail facilities, faculties and a large-scale exhibition corridor: it counts 10,000 enterprise tenants and a each day inhabitants of 190,000.
Limestone emerged from the primary spherical of startups within the Singaporean authorities’s blockchain Tribe Accelerator, backed by authorities company Enterprise Singapore.
Digital passports and wallets
On the coronary heart of the Phnom Penh undertaking is a blockchain-powered ID system, which creates a digital passport for residents and commuters by way of the Limestone cellular app.
Customers should notably bear background checks earlier than a passport is issued, which grants them entry to a cellular digital pockets and contains options reminiscent of offering tap-in tap-out entry to completely different buildings.
So as to disintermediate the ties between enterprises and the general public, the undertaking focuses on utilizing blockchain to supply safe knowledge portability — so that a agency can skip middlemen in offering varied companies on to shoppers.
It additionally goals to widen monetary inclusion, utilizing digital cost historical past and way of life knowledge as an equal to a credit score rating that allow residents and employees to use for microloans and different monetary companies.
Slated for completion by early 2022, the undertaking will in future on-board varied companions reminiscent of ride-hailing apps, monetary establishments, retail model house owners and knowledge analytics companies.
Over the course of the subsequent 5 years, the startup intends to roll out comparable sensible metropolis tasks throughout South East Asia with the cooperation of native governments.
Blockchain-powered sensible cities
Visiting senior analysis fellow on the Nationwide College of Singapore Enterprise College Emir Hrnjic advised Tech in Asia that the precept benefit of blockchain-based sensible cities is its potential to combination, analyze and distribute real-time knowledge.
He acknowledged the regulatory and knowledge privateness challenges that each centralized and decentralized applied sciences are confronted with, remarking that:
“The way forward for blockchain-enabled sensible cities would seemingly be one thing in between an excellent society, the place everybody has management over their lives and surroundings, and a dystopian society of some controlling the lots.”
Earlier this month, Cointelegraph reported that South Korea’s capital, Seoul, plans to launch its personal digital forex as a part of its bid to rework right into a blockchain-based sensible metropolis.