As Tech in Asia reports on August 14, the 100-hectare mixed-use development in Phnom Penh encompasses residential properties, offices, retail centers, schools and a large-scale exhibition hall: it counts 10,000 business tenants and a daily population of 190,000.
Users must notably undergo background checks before a passport is issued, which grants them access to a mobile digital wallet and includes features such as providing tap-in tap-out access to different buildings.
In order to disintermediate the ties between enterprises and the public, the project focuses on using blockchain to provide secure data portability — so that a firm can skip middlemen in providing various services directly to consumers.
It also aims to widen financial inclusion, using digital payment history and lifestyle data as an equivalent to a credit score that enable residents and workers to apply for microloans and other financial services.
Slated for completion by early 2022, the project will in future on-board various partners such as ride-hailing apps, financial institutions, retail brand owners and data analytics firms.
Blockchain-powered smart cities
Visiting senior research fellow at the National University of Singapore Business School Emir Hrnjic told Tech in Asia that the principle advantage of blockchain-based smart cities is its potential to aggregate, analyze and distribute real-time data.
“The future of blockchain-enabled smart cities would likely be something in between an ideal society, where everyone has control over their lives and environment, and a dystopian society of a few controlling the masses.”