Singaporean tech startup Limestone Network has proposed to build a blockchain-powered city in Phnom Penh, Cambodia, as the country seeks to enhance its position in Southeast Asia's smart city circle.
Local media outlets reported that Limestone Network's 100-hectare project is expected to rise from within the Cambodian capital city and it will include establishments that should attract up to 200,000 residents.
The facilities that will be included in the project are shopping malls, offices, residential spaces, retail shops, a massive convention center for various city-wide events, and even educational facilities.
Director of real estate firm CBRE, James Hodge, noted that the project displays a lot of potential early on. He said smart technology in Phnom Penh's urban settings can pave the way for bigger opportunities in the future.
Those who want to experience the blockchain-powered city will be provided with a digital passport that should allow them to make use of the smart city's facilities and provisions. Since the smart city will only use digital aspects of transactions, digital currencies will also be established by using the digital passports.
This is not the only project that Limestone Network has in mind. The Singaporean tech firm is reportedly planning to follow through with smart city-building in other Asian countries such as the Philippines and Malaysia.
Cambodia has already been discussing with other countries regarding its plans to innovate the business and residential setup of Phnom Penh city. The country is also seeking potential technological integrations for Ho Chi Minh City, one of the fastest-rising Cambodian cities.
Late last month, Cambodian officials met up with the Vietnamese delegation to discuss how collaborative projects focused on transforming HCM City and Phnom Penh into tech hubs will prosper.
While no details were released about the meetings yet, the two sides reportedly confirmed that they agreed on trading information and technological experience to ensure that the two countries will benefit equally from the potential projects.
Earlier this month, industry experts suggested that Cambodia needs to secure a master plan for developing smart cities that will improve the lifestyles of citizens as well as create new opportunities for careers.
As part of the government's efforts in improving the technological drive of the country, it has supported the ASEAN Smart Cities Network (ASCN) platform. Cambodia already has three cities in the platforms initial list of pilot cities where high-tech areas will be established. These are Battambang, Siem Reap, and Phnom Penh.
It remains to be seen if Limestone Network's plan will push through, but analysts are expecting the project to kick off in its early stages soon.
