With the help of modern technology, people can communicate directly without any barrier. Voice and video calls, emails, pictures, and instant messages travel directly from one person to another that maintain trust between individuals, and it does not matter how far they are. When it comes to money, people have to trust a third party to be able to complete transactions. Blockchain technology is radically challenging, by using math and cryptography, blockchain can provide a decentralized database of every transaction involving value.
Blockchain is a digital database that involves information of records of transactions that can be simultaneously shared within a large decentralized, publicly accessible network. Blockchains can record transactions made with cryptocurrencies like Bitcoin and also involve other applications. The uses of technology are endless. Some experts think that it can be used to collect taxes in the future. With the help of blockchain, immigrants can easily send money back to countries where access to financial institutions is limited. Financial fraud can be reduced as every transaction can be recorded on a public and distributed ledger, which is accessible by anyone who has an internet connection.
Application is also known as an app. Application is a software that performs some specific task. For example, mobile apps which run on an individual’s smartphone makes life amazingly comfortable. If an individual is using programs such as Microsoft Word or PowerPoint on his desktop computer at work, that means he is using an application. There are applications that are downloaded by an individual free of cost and used for watching television.
Blockchain is a decentralized government of smart cities. Blockchain has potential applications in spheres such as city management. The smart city era opens the opportunity for blockchain development. Blockchain technology has the transformative potential for the field of city management. Blockchain systems can assist mayors and administrative teams in the management duties. With the help of the blockchain ecosystem, various stakeholders can facilitate local benefits to society in a large number.
Blockchain has been used effectively in smart cities. Smart cities are a framework for addressing the unique challenges of urbanization. Urbanization combines new technology, advanced urban planning, energy, business planning, and transportation management. There is a different requirement in each city, and the technology infrastructure is left up in each city and can cause some challenges. Therefore, blockchain plays an important role in connecting these technologies.
Smart cities attempt to bring backward cities into the 21st century with the help of technology integrations, The internet of Things (IoT), and extensive data analytics. The main goal of the smart city is to improve the standard of living. Most smart cities implement technology to solve the issue concerning traffic congestion and parking, waste management, energy usage, and environmental damage. IBM’s smarter city is the combination of blockchain, Artificial Intelligence, and big data that assist cities in operating better. IBM has the role of combining its blockchain platform with IoT sensors for creating a transportation intelligence hub. Brisbane is the city that implements this intelligence hub.
The standard of living and lifestyle of urban people plays an important role in the development of the global economy. Pollution, stress on water resources, and social inequalities are the main problem in the development of urban areas.
Blockchain plays an important role in governing the cities. Blockchain can increase transparency and connectivity that means cities are interconnected using blockchain vertical services such as mobility and energy or security through a single open, accessible, transversal system that can exchange data with their inhabitants in real-time. With the help of blockchain, government departments and the public can interact digitally. Blockchain has efficient management that allows both public and city officials to know the origin and destination of each resource.
Limestone Network is a blockchain infrastructure for smart cities. Limestone Network is a Singapore-based blockchain project for building smart cities and has plans to list its native token-LIMEX on Bitrue crypto exchange for trading. Smart city applications involve property management, retail malls, payments, financial services, and transportation. LIMEX will integrate these applications to create the best urban ecosystem.
Cambodia is one of the fastest-growing economies in Asia. At the heart of its economic boom in Phnom Penh City Center, the capital city’s Central Business District. The speed and scale of Cambodia’s growth are accelerating Phnom Penh City Center’s development as a consciously inviting urban environment. Limestone networks focus on a smart city. The life in the Phnom Penh City Center transformed with the help of advanced technology and innovative infrastructure from the way an individual drives to how an individual makes purchases and even how an individual gets energy for his homes.
The main aim of limestone technology is to build a smart-city ecosystem for real estate development and infrastructure. It will be possible through the development of a blockchain infrastructure which is called Limestone Network. Limestone Network adopted blockchain technology to enable data collection through the resident’s daily touchpoints and sharing the data without invading consumer’s privacy. Due to which there will be a more in-depth understanding of the city function that involves road traffic, power and water consumption, and resident’s movements.
Limestone Network has done a partnership with Onchain Custodian so that digital assets are secure on its Smart City blockchain infrastructure. Onchain will also keep up responsibility as a custodian and storage partner by safeguarding the treasury and wallets. Limestone Network infrastructure effectively utilizes blockchain technology so that smart cities can build like this technology begin work with a 100-hectare development project in Phnom Penh, Cambodia. There are rules and regulations in this city like the residents should register for a digital passport on the Limestone mobile application and pass background screening checks for accessing of digital payments, building access, microloan applications, consumer data, and other financial services.
Onchain Custodian is also known as ONC secures digital asset custody and is open finance service provider in Singapore. ONC’s customers involve digital asset exchanges, funds, token projects, payments platforms, corporates, licensed trustees, HNWI, and FOs. Limestone Network has transactions that require security and insurance and is collaborating with Onchain Custodian and adopting ONC’s secure and insured custody SAFE Platform for strengthening the security in its ecosystem. ONC has been successful in developing comprehensive custody solutions and institutional- grade security and controls. The SAFE Digital Asset Custody Platform supports mainstream cryptocurrency and tokens.
Blockchain and Cryptocurrency Law Practice 