Singapore-based Limestone Network is aiming to revolutionise urban living, by providing a complete blockchain solution for smart cities. 

According to the company, its blockchain-based solution differs from more traditional smart city developments, which collect data through hardware like sensors and cameras, because it collects data while protecting peoples’ privacy. 

Cambodian pilot project

A 100-hectare pilot project in Phnom Penh, the capital of Cambodia, has 10,000 tenants and a daily population of 190,000. Limestone Network says this new central business district “brings together a highly inclusive ecosystem informed by data collected via residents’ daily touchpoints.” 

The system combines data from a myriad of sources to provide an in-depth picture of the city, including road traffic, power and water consumption, resident movements and more. 

Set for completion in 2022, the Cambodian pilot project will also be integrating third-party partners including ride-hailing apps, telecommunications companies, and financial institutions. 

Empowering those at the bottom of the pyramid

Limestone Network’s system sees people issued with a digital passport via a mobile app. After screening and verification, the app gives them access to digital payments, building access, applications for services like microloans, and more. 

A permission-based network, it gives people the ability to manage consent for their data and usage, and enables service providers and merchants to verify consumers’ identities via private smart contracts. This removes the need for third parties, like agencies, and results in reduced costs.

Discussing the system Co-founder and Managing Partner of Limestone Network, Eddie Lee, said:

“The beauty of blockchain is the ability to give power back to consumers. The smart city should not only be about cutting-edge technologies. It should be inclusive – beginning with people at the bottom of the pyramid.”

Limestone Network’s closed loop virtual currency, LIMEX, is set to be listed on the Bitrue cryptocurrency exchange, tradeable with USDT. 

AYO.NEWS says:

So far we’ve seen many blockchain-based solutions focus on individual elements of urban life, whether it be public transport or retail spending, but Limestone Network’s complete integration makes it one to watch. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

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