A Smart Vision in Phnom Penh
Limestone Network, a Singaporean startup, is making waves in the tech world by launching a blockchain-powered initiative in Cambodia’s capital, Phnom Penh. This ambitious project spans a whopping 100 hectares and is poised to transform the city into a bustling smart neighborhood, complete with residences, offices, retail centers, schools, and a massive exhibition hall. With 10,000 business tenants and a daily footfall of around 190,000 people, they’re crafting a community unlike any other.
Unlocking Access with Digital Passports
At the project’s core lies a cutting-edge blockchain ID system that offers residents and visitors a digital passport through the Limestone mobile app. Before you can start swiping away, users must complete background checks to secure their passport. This nifty piece of digital real estate not only acts as a ticket granting tap-in and tap-out access to various buildings but also houses a mobile digital wallet. Who knew a passport could pay your bills?
Service Without Intermediaries
The Limestone project is on a mission to eliminate middlemen between businesses and consumers. How does it aim to do this? Through the secure, portable data offered by blockchain technology. This means businesses can engage directly with consumers for various services, streamlining operations like never before. Think of it as cutting the red tape to deliver services right to your fingertips!
Financial Inclusion for All
In a world where access to financial services seems to come with a parade of paperwork and red tape, Limestone Network is throwing a lifeline to residents by using not just digital payment history, but also lifestyle data to create an alternative credit score. This innovative approach opens the door for microloans and financial services availability without the usual hoops you’d have to jump through. It’s like having a financial friend who vouches for you!
Future Growth Across Southeast Asia
The team behind Limestone has big plans for the next five years. They aim to replicate their smart city model in other Southeast Asian nations, teaming up with local governments to extend their innovative impact beyond just Cambodia. With Bengaluru’s tech prowess and rapid urbanization, Southeast Asia might just become a hotbed for smart city initiatives.
Blockchain City vs. Dystopia Dilemma
Professor Emir Hrnjic from the National University of Singapore Business School weighs in on the implications of blockchain in urban planning. While the technology offers vast benefits such as real-time data integration, it doesn’t come without its drawbacks. Hrnjic aptly states the dystopian flip-side of technology’s promise: “The future of blockchain-enabled smart cities would likely be something in between an ideal society, where everyone has control over their lives and environment, and a dystopian society of a few controlling the masses.” It’s enough to give any tech enthusiast pause for thought.
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