Victor Ugochukwu · Dec 14, 2020 . 5min read
Limestone Network will use blockchain infrastructure to run smart cities
Limestone Network's use of Blockchain infrastructure has already set in plans to turn Cambodia's capital city into a smart city, thus improving efficiency.
By Shilika · Jul 27, 2020 . 5min read
According to Cision, Limestone Network is using blockchain infrastructure technology to facilitate the functioning of smart cities. Based out of Singapore, Limestone Network improves the data collection efficiency through the use of blockchain. Smart cities usually use hardware like cameras for this purpose.
Limestone’s first project is a 100-hectare private development in Phnom Penh, the capital city of Cambodia. The project aims to have an in-depth understanding of the cities’ 190,000 resident’s movements, power, water consumption, and road traffic. The project will later integrate ride-hailing apps, financial institutions, and so on. It is said to complete in 2022.
Users download Limestone’s app and create a digital passport. The app verifies their identities and grants them access to various features such as digital payments, building access etc.
Limestone Network transforms the Real Estate sector.
Eddie Lee, the co-founder of Limestone Network, reflected on the technologies’ potential to give it back to the people. With the use of blockchain, individuals will be able to manage consent with regards to the usage of their data. It also abolishes the need for a third-party organisation, which results in cost savings.
Limestone also has a virtual currency, LIMEX. It is a closed-loop virtual currency which will help to integrate smart cities with an entire range of applications. The range includes everything right from property management, parking, F&B to entertainment. LIMEX will trade on Bittrue. The latter has been around since 2018 and has quickly risen through the ranks to become one of the world’s leading exchanges.
We had previously reported on how the US Air Force is going to start using blockchain for its defence-related activities. People are tapping into blockchain’s versatile potential. It has always been closely-linked with Bitcoin and the crypto space, but its growing use in other fields is an indication that there is a better understanding of the technology itself.