The Spanish Ministry of Agriculture, Fisheries and Food is developing a software that will apply blockchain technology to improve the forestry industry, local news outlet Europa Press reported September 21.
ChainWood, a supranational operating group funded by the Ministry, targets to improve the traceability and efficiency of the wood supply in Spain by implementing blockchain in industry logistics. The Spanish operating group also aims to contribute to solving many limitations put forward by various wood supply chains in the country.
According to Europa Press, ChainWood is consisted of eight partners from different Spanish regions including Andalusia, Asturias, Castilla y León, Galicia, and the Community of Madrid. Along with the Ministry of Agriculture, Fisheries and Food, the group was created with funding from the Directorate General for Development Rural and Forest Policy, as well as the General State Administration, with a total subsidy of 93,350 euros.
Recently held in Madrid and in Santiago de Compostela, Chainwood’s working meetings tackled the development of a cloud-based software “that will improve the transparency” of forestry processes (creation of solid wood, disintegration, cellulose paste, and biomass) by integrating blockchain, big data, and machine learning.
Once the software has been developed, the group will execute three pilot experiments to validate it in Austrias (chestnut), Castilla y León (poplar), and Galicia (oak).
On the other side of the globe, a tiny Japanese village that relies on forestry for its economy has decided to launch an initial coin offering (ICO) as a fundraising initiative. However it’s not clear yet when the Nishiawakura’s Token Economy Association will carry out the crowdfunding.
Hooked on the latest blockchain news? Itching to get the newest deets on your favorite crypto? No problem! Here, check out our most current crypto news, fresh from the oven.