19 Aug 2019
International startup media platforms reported this week that Limestone Network is seeking to transform the face of Southeast Asia by building smart cities powered by blockchain technology.
Limestone Network was founded in December last year by Singapore entrepreneur Eddie Lee, who is also the vice president of Singapore FinTech Association (SFA).
According to Tech in Asia, the beginning of this undertaking will involve the construction of a 100-hectare mixed-use development project in the centre of Cambodia’s capital city.
The project will include residential homes, office buildings, shopping malls, retail outlets, schools, and a gigantic convention centre, attracting 10,000 businesses and close to 200,000 people.
All residents and workers will be provided a ‘digital passport’ that will allow them full access to all the features of the Limestone app after thorough verification. Among other things, holders of the digital passports will be able to make digital purchases and move from building to building within the smart city.
Property experts and other stakeholders are excited at the prospect of Phnom Penh being developed into a smart city.
James Hodge, director at the real estate firm CBRE, said the addition of smart technologies to urban environments in Phnom Penh holds a lot of potential.
“By analysing data that flows from sensors across the project site and using that data appropriately it’s possible to create an environment that is used more efficiently, helping to ease problems like traffic congestion, and building a safe, accessible place to be,” he told Khmer Times.
‘Smart city’ is a sustainable development model that uses technology and data to improve life in urban areas. Already a fixture in the West and other developed areas, it is seen as an answer to many problems faced by cities, including traffic jams and pollution.
“Smart city technologies can vary widely in their application, acting to target and solve various problems that impact the urban environment. Tying several smart technologies together can offer a powerful result by monitoring patterns in how an environment is used and adapting how the space works to best fit how the people use the space,” Mr Hodge said.