Limestone Network, a startup based in Singapore will be utilizing the blockchain technology to help sustain a smart neighborhood in Phnom Penh, the capital city of Cambodia.
The neighborhood is around 100 hectares large and will encompass not only residential but also office buildings. The population affected is around 200,000 including pupils from schools and general employees of the area.
Limestone Network will be the one doing most of the heavy lifting but a government agency, Enterprise Singapore has already promised support.
The blockchain will be implemented via a mobile application which will be designed to hold digitalized legal documentation and public transport cards of the local population. However, a comprehensive background check will be required to “qualify” for the app.
The project aims to introduce the “life of the future” to the city and is starting with just one neighborhood as a test but has plans to expand even further.
Considering how this app can also encourage financial inclusion and various other benefits, experts say that it’s a guaranteed success.
Similar projects can be seen nearly all over the world, but it seems that Asian countries are starting to dominate. The most recent cases that come to mind are Seoul and Busan in South Korea and Liberstad in Norway.
The project will be “completed” in early 2022 after which data will be compiled and the overall analysis will be made. Limestone Network has mentioned that they plan to do similar projects all over the world in the next five years.