Singaporean Company to Build a Smart City in Cambodia
Capital of Cambodia, Phnom Penh, is about to witness its first-ever smart city project. Initiated by the Limestone Network, the smart city is a 100-hectare development project comprising of residences, office spaces, malls, and schools. The smart city plan which aims to be developed using blockchain technology is predicted to change the landscape of Southeast Asia. It will help solve issues of pollution and traffic conditions that occur as a result of the fast-paced urbanization.
The company was named ‘Limestone’ to give a traditional feel since Limestone was the core building material used by ancient civilizations. The Singaporean company has planned to make a significant investment in the development of a smart city which is estimated to affect 10,000 tenants and a regular population comprising of 190,000 people. This project in Phnom Penh will include residential homes, office spaces, malls, schools, and an exhibition hall.
The idea first occurred to Eddie Lee who desperately wanted to create opportunities in the field of blockchain technology. Eddie along with his real estate buddy went on to come up with the idea of developing an entire smart city. Their notion of a smart city is completely different from the common idea that revolves around having cameras and sensors installed everywhere. They believe that a smart city is first initiated through the development of software. The main idea is to develop a blockchain infrastructure through which information is gathered from the residents of the city at various touchpoints. Blockchain is a database formed by a block of digital information. This information is encrypted, secured, time-stamped and dispersed across a range of users.
The first step in the smart city project is the creation of a digital passport that includes the registration of all residents of the area. Their information is searched in the global database to check for any criminal record. Upon a clear criminal record, their identity is then entered onto the Mobile App. Once the digital passport is completed, residents unlock all the features of the Mobile App which includes a digital payment service as well. Individuals are allowed to roam through various buildings just by tapping in and out. The recording of their activities forms their ‘digital persona.’
The idea behind this is to give the power back to the consumers by providing them with security, efficient operations and accessibility. There are extremely high hopes for the smart city project as it can be implemented in other ASEAN countries as well.