By Limestone Network, a Singaporean firm, is aiming to transform Phnom Penh into a blockchain-powered city. This is just part of their five-year goal of changing the look on the entire face of Southeast Asia by building similar towns in the region. This single project aims to affect the daily population of 190,000 people in the city.
The 100-hectare development will contain residential homes, office buildings, shopping malls, learning institutions, and big exhibition halls in it. Though privately backed, the project is looking at around 10,000 affected businesses.
The Conception of the Idea
Eddie Lee, the firm’s co-founder, and his real estate developer friend were the first people to conceive the idea, three years ago. Lee also believed that installing hardware such as sensors and cameras does not mean a city is entirely smart but rather is the software.
Eddie believed that building a complex blockchain infrastructure will enable the smart city to gather information via multiple daily touchpoints of the residents. As a result, this will create a broad and comprehensive knowledge of how the city functions, lives and moves.
In December 2018, Lee, who is also the vice president of Singapore FinTech Association, launched the Limestone Network using a start-up investment of US $1.1 million. The project is set to complete in early 2022. Subsequently, third-party solution providers will then get a chance to get in on the project. The project is also part of the Tribe Accelerator which is Singapore’s first government-supported blockchain accelerator.
The Actual Features of the Project
The digital passport will register all residents in the Limestone mobile application. The app will scan and verify identification details against global databases for clearance from any criminal records. The details will then get mapped onto the blockchain network.
The app is designed such that only cleared passports can enable all its features. These features include the digital wallet, which allows them to make digital purchases instead of using credit cards.
The system will offer better security, efficiency, and access to the financially excluded Cambodians. It also will create a digital persona through digital payment, which will be useful in calculating credit scores during loan applications.
Researchers’ Take
Paul Griffin, an associate professor at the Singapore Management University, explained that the system would be more beneficial in developing countries than the rest of the world. Emir Hrnjc, who is a visiting researcher at the National University of Singapore Business School, backed the system, terming it as the “future of tech.” The main advantage of blockchain technology is real-time data processing, according to Emir. To avoid regulatory and data privacy issues, Hrnjic advised that regulators should make significant consultations with industry players as regulations are likely to differ across nations.
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