Phnom Penh to get First Blockchain Smart City in Asia
Cambodian capital Phnom Penh is set to be the first blockchain based smart city. A Singaporean startup called Limestone Network has backing for a 100-hectare development in the heart of Phnom Penh.
The idea comes from Eddie Lee, a tech entrepreneur, and his real estate developer friend. They wanted to harness the potential of blockchain to be able to develop a truly smart, integrated city.
Lee explained to Tech in Asia, “Building on a hybrid blockchain infrastructure, the smart city collects information through residents’ multiple daily touch points. These create an understanding of how the city moves, lives, and functions.”
The system will work by registering all of the new development's 190,000 residents on a mobile app. They will each have a verified digital indentity, including a wallet that will facilitate spending like a normal ewallet.
Building access can also be controlled, and users will have verified data that will allow them to sign up to services without having to complete their details each time. The founders hope that the data collected about a person's spending and movements could form a base for a credit score and thus decrease the amount of people who are financially excluded.
Aiming to be finished by 2022, the next step after the development completes is to bring in third-party software companies. Ride-hailing apps, food delivery, financial institutions, and data companies are all considered to be potential partners.