Singapore-based Limestone Network redefines intelligence in smart cities with its blockchain infrastructure, taking data management to an unprecedented level.
Traditional smart city developments collect data through hardware, like sensors and cameras. However, Limestone Network adopts blockchain technology to enable efficient data collection and sharing without invading consumers’ privacy.
The characteristics of distributed ledger technology also ensure transaction efficiency and immutability, effectively resolving security issues.
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Pilot Project in Cambodia
Limestone Network started with a 100-hectare private development project in Phnom Penh, Cambodia, which welcomes 10,000 tenants and a daily population of 190,000 people.
Built upon blockchain technology, this new central business district brings to life a highly inclusive ecosystem informed by data collected via residents’ daily touchpoints. This results in an in-depth understanding of the city’s functions, including road traffic, power and water consumption, resident movements, and more.
To be completed in 2022, this project will later welcome third-party partners such as ride-hailing apps, telcos and financial institutions to strengthen the ecosystem.
How It Works
Residents first register for a digital passport via the Limestone mobile app. Once their identities are verified after screening against global databases, they gain access to features such as digital payments, building access, applications for microloans and more.
Placing Power Back In The Hands of Consumers
“The beauty of blockchain is the ability to give power back to consumers,” said Eddie Lee, Co-founder and Managing Partner of Limestone Network.
As a permission-based network, Limestone Network empowers consumers by enabling them to manage consent for their data and usage. Service providers and merchants will be able to verify consumers’ identities by requesting for the data via private smart contracts.
Secure data portability also removes the need for intermediaries such as agencies between service providers and consumers. These cost savings can then be transferred 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,” said Lee.
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LIMEX Tokens to be Listed on Bitrue
Limestone Network’s closed loop virtual currency, LIMEX, is about to be listed on leading cryptocurrency exchange Bitrue, tradeable with USDT.
LIMEX will integrate the entire smart city’s applications such as property management, retail malls, payments, financial services, transportation, parking, F&B and entertainment, to create an intelligent urban ecosystem with elevated convenience, productivity and security.
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