Daily Insights (Monday)

Jun 19, 2018
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Nishiawakura – a village of approximately 1,500 people in the Okayama prefecture in Japan – revealed its plan last week to launch a regional initial coin offering as a way to secure funding. The municipality, in particular, relies on forestry to support its economy – about 95 percent of the town is made up of forest area, according to the village’s official announcement.

The village launched the effort after its leaders saw ICOs being widely used around the globe by companies and non-governmental organizations. Officials also took note that the country is moving ahead with the establishment of self-regulatory rules regarding the blockchain funding model.

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The government of the South Indian state of Kerala will use blockchain, as well as Internet of Things (IoT) technology, in an attempt to make the state’s supply network for dairy products, vegetables and fish more efficient.

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Chairman of K-DISC, KM Abraham, told  that each component of the supply network would have a separate ID number, through which its source, production, quality, and distribution could be monitored on a blockchain.

The state will also reportedly use blockchain for its crop insurance scheme, ensuring the tamper-proof and efficient processing and settlement of claims for farmers suffering crop losses. Immutable data on the blockchain can help to judge whether the crop loss was due to natural causes or other factors, and the technology can further serve to dis-intermediate disputes between insurance firms and beneficiaries, eliminating the need for third party representatives.

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