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Limestone blockchain redefines smart city data
- August 4, 2020
- Steve Rogerson
Singapore-based Limestone Network says it has redefined intelligence in smart cities with a blockchain infrastructure that could take data management to a new level.
Traditional smart city developments collect data through hardware, such as sensors and cameras. However, Limestone Network uses 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.
Limestone 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 on 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.
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.
“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 empowers consumers by letting them 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,” said Lee. “It should be inclusive, beginning with people at the bottom of the pyramid.”
Limestone Network’s closed loop virtual currency, Limex, is about to be listed on cryptocurrency exchange Bitrue, tradable with USDT.
Limex can integrate the entire smart city’s applications such as property management, retail malls, payments, financial services, transportation, parking, food and beverage, and entertainment, to create an intelligent urban ecosystem with elevated convenience, productivity and security.
Launched in 2018, Bitrue has become a major digital assets exchange that adapts traditional financial services to newly emerging crypto markets. Bitrue is backed by communities and is a one-stop platform for crypto traders around the world.
Limestone Network aims to transform the real estate industry by equipping it with smart digital capabilities via its blockchain infrastructure, which enables secure, private and efficient data exchange.