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This Week in AsiaSociety

Forget bitcoin, this Singapore firm is using blockchain tech to build a smart city

  • Limestone Network’s first project is a 100-hectare mixed-use development in Phnom Penh, involving homes, offices, malls and schools
  • The start-up eventually looks to change the face of Southeast Asia, a region facing challenges such as rapid urbanisation, pollution and traffic congestion

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Limestone Network’s first venture into blockchain-powered smart cities is in the heart of Phnom Penh. Photo: Huw Watkin
Toh Ee Ming
A Singaporean start-up is looking to transform the face of Southeast Asia by building smart cities powered by blockchain technology – starting with an ambitious 100-hectare mixed-use development project in the heart of the Cambodian capital, Phnom Penh.

Spanning residential homes, office buildings, shopping malls, schools, and a massive exhibition hall, the privately backed project by Limestone Network will affect 10,000 business tenants and a daily population of 190,000 people.

The idea was first conceived three years ago by tech entrepreneur Eddie Lee, 39, and his real estate developer friend. Eager to tap the possibilities of blockchain technology, they took on the challenge of building an entire smart city.

“Most cities try to become smart cities by installing hardware like sensors and cameras, but our starting point begins with the software,” said Lee, co-founder and managing partner of Limestone Network.

“Building on a hybrid blockchain infrastructure, the smart city collects information through residents’ multiple daily touchpoints. These create an understanding of how the city moves, lives and functions.”

People come up with a lot of fanciful and futuristic names for blockchain but we wanted a name that traces back to the roots of how things are traditionally built
Eddie Lee

Blockchain refers to a database made up of blocks of digital information, which is cryptographically secured, time-stamped, and distributed across a network of users.

With a start-up capital of S$1.5 million (US$1.08 million), they officially established Limestone Network in December last year – naming it in reference to how one of the “greatest civilisations”, ancient Egypt, used limestone as one of the main building materials.

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