The Limestone Network, a Singapore-based smart city blockchain project, announced on July 23 that it will include its LIMEX code in the Bryptue cryptocurrency exchange.
According to the report, LIMEX will integrate a suite of smart city applications such as property management, shopping malls, payments, financial services, transportation, parking, research and development, and entertainment to create a smart urban ecosystem.
Use the blockchain for computing and privacy
The limestone network launched a 100-hectare development project in Phnom Penh, Cambodia's capital. There are planned to be 10,000 charterers on board and 190,000 people daily.
The limestone network has reportedly used blockchain technology to enable data collection and exchange across daily population focal points without interfering with consumer privacy. They also expect to provide a deeper understanding of city functions, including traffic, electricity and water consumption, population movement, and more.
The project plans to engage external partners such as application applications, telecommunications companies and financial institutions to further enhance the ecosystem.
People agree to their data and use it
Limestone, which is a permission-based network, is said to allow consumers to manage data and use consent. Service providers and retailers will be able to verify the identity of consumers by requesting data through special smart contracts. Eddy Lee, co-founder and CEO of Limestone Network, said: “The beauty of the blockchain lies in its ability to bring power back to consumers.”
The ability to transfer secure data also eliminates the need for intermediaries as agencies between service providers and consumers. These savings can then be passed on to consumers.
Limestone also contains a mobile app that will be an interface for residents to apply for a digital passport. After verifying their identity After verifying global databases, they can access features such as digital payments, building access, microcredit applications and more.
Cointelegraph revealed that the South Korean capital plans to launch its own digital currency as part of its bid to become a blockchain-based smart city. China has also introduced an independent blockchain-based identity system for its smart urban infrastructure.