Limestone Network, a Singapore-based blockchain project for building smart cities, has announced on July 23 it will list its native token-LIMEX on Bitrue crypto exchange for trading.
According to the report, LIMEX will integrate an 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.
Leverage blockchain for data management and privacy
Limestone Network started with a 100-hectare private development project in Phnom Penh, the capital city of Cambodia. It plans to have 10,000 tenants and a daily population of 190,000 people on board.
Limestone Network has reportedly adopted blockchain technology to enable data collection via residents’ daily touchpoints and sharing without invading consumers’ privacy. They also expect this will give a more in-depth understanding of the city’s functions, including road traffic, power and water consumption, resident movements, and more.
The project plans to include third-party partners such as ride-hailing apps, telcos and financial institutions to strengthen the ecosystem later on.
People’s consent for their data and usage
Limestone, a permission-based network, is said to allow consumers to manage consent for their data and usage. Service providers and merchants will be able to verify consumers’ identities by requesting the data via private smart contracts. Eddie Lee, Co-founder and Managing Partner of Limestone Network said that: “The beauty of blockchain is the ability to give power back to consumers,”
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.
Limestone also has a mobile app that will be an interface for residents to register for a digital passport. 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.
Cointelegraph reported that South Korea’s capital plans to launch its own digital currency as part of its bid to transform into a blockchain-based smart city. China has also introduced an independently developed blockchain-based identification system for its smart city infrastructure.
Author: Cointelegraph By Ting Peng