Blockchain-Based Smart City Project Limestone Plans for Token Listing
Limestone Network, a Singapore-based blockchain project for creating smart cities, has declared on July 23, it will list its native token-LIMEX on Bitrue crypto exchange for trading.
According to the report, LIMEX will combine an entire smart city’s applications like property management, payments, retail malls, financial services, transportation, parking, F&B, and entertainment, to build an intelligent urban ecosystem.
Leverage blockchain for data management and privacy
Limestone Network commenced with a 100-hectare private development project in Phnom Penh, the capital city of Cambodia. It intends to have 10,000 tenants and a periodic population of 190,000 people on board. Limestone Network has reportedly embraced blockchain technology to allow data collection through residents’ daily touchpoints and sharing without penetrating customers’ privacy.
They also assume this will provide a more in-depth understanding of the city’s functions, including road traffic, power and water consumption, resident movements, and more. The project intends to include third-party partners like ride-hailing apps, telcos, and financial institutions to establish the ecosystem later on.
People’s consent for their data and usage
Limestone, a permission-based network, is supposed to enable customers to manage consent for their data and usage. Service providers and merchants will support customers’ identities by requesting the data through smart private contracts. Eddie Lee, Co-founder and Managing Partner of Limestone Network said in a statement that, “The beauty of blockchain is the ability to give power back to consumers.”
Secure data portability also eliminates the requirement for intermediaries, such as agencies between service providers and customers. These cost savings can then be assigned 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 confirmed after screening against global databases, they increase access to features such as building access, digital payments, applications for microloans, and more.
It was also reported that South Korea’s capital intends to launch its digital currency as part of its effort to transform into a blockchain-based smart city. China has also launched an independently developed blockchain-based identification system for its smart city infrastructure.