Limestone Network, a Singapore-based blockchain challenge for constructing sensible cities, has announced on July 23 it would record its native token-LIMEX on Bitrue crypto alternate for buying and selling.
According to the report, LIMEX will combine a whole sensible metropolis’s purposes equivalent to property administration, retail malls, funds, monetary companies, transportation, parking, F&B and leisure, to create an clever city ecosystem.
Leverage blockchain for information administration and privateness
Limestone Network began with a 100-hectare personal improvement challenge in Phnom Penh, the capital metropolis of Cambodia. It plans to have 10,000 tenants and a every day inhabitants of 190,000 individuals on board.
Limestone Network has reportedly adopted blockchain expertise to allow information assortment through residents’ every day touchpoints and sharing with out invading shoppers’ privateness. They additionally anticipate it will give a extra in-depth understanding of town’s features, together with highway visitors, energy and water consumption, resident actions, and extra.
The challenge plans to incorporate third-party companions equivalent to ride-hailing apps, telcos and monetary establishments to strengthen the ecosystem in a while.
People’s consent for their information and utilization
Limestone, a permission-based community, is claimed to permit shoppers to handle consent for their information and utilization. Service suppliers and retailers will have the ability to confirm shoppers’ identities by requesting the information through personal sensible contracts. Eddie Lee, Co-founder and Managing Partner of Limestone Network stated that: “The beauty of blockchain is the ability to give power back to consumers,”
Secure information portability additionally removes the necessity for intermediaries equivalent to companies between service suppliers and shoppers. These value financial savings can then be transferred to shoppers.
Limestone additionally has a cellular app that will likely be an interface for residents to register for a digital passport. Once their identities are verified after screening in opposition to world databases, they achieve entry to options equivalent to digital funds, constructing entry, purposes for microloans and extra.
Cointelegraph reported that South Korea’s capital plans to launch its personal digital foreign money as a part of its bid to remodel right into a blockchain-based sensible metropolis. China has additionally launched an independently developed blockchain-based identification system for its sensible metropolis infrastructure.