Spain Decides to Innovate Forestry with Blockchain Technology

Spain has been endorsing blockchain technology and cryptocurrency for quite long. In very recent, Spanish forest industry has decided to innovate the forest industry by using blockchain technology. ChainWood operating group will be heading the move by deploying blockchain technology in the Spanish wood chain supply. The efforts of ChainWood aims to introduce transparency while simultaneously reducing the costs associated with the wood supply in the country. In the context of problems solved by blockchain technology, Ken Dong, founder of IyueDan, Asian freelancing marketplace, chief adviser of YouDeal, a blockchain enabled marketplace for sharing economy, enlightened BlockPublisher with the biggest difference that blockchain technology can make. He said;

Most immediate and realistic now would be security from privacy breaches. Big problem for all industries and customers across world (including govts).

ChainWood comprises of partners from areas such as Galicia, the Community of Madrid, Andalusia, Castilla y León, and Asturias. It was set up by different ministries of the country and the general state administration. Particularly, agriculture, fisheries and food ministries along with feader funds for Development rural and forest policy, gathered about 93,000 euro to establish ChainWood. ChainWood will be implementing the model it aims for by combining blockchain technology with big data and machine learning.

Previously, Spain’s autonomous community of Aragon adopted blockchain technology for public administration purposes. Aragon and Alastria signed a contract to employ blockchain technology for enhancing the administration so that more businesses could be welcomed in the region.

In past, Spain had been supporting several blockchain based projects. Even taxes were excluded by Mariano Rajoy’s, prime minister of People’s Party, to attract blockchain based projects while preparing legislation including possible tax breaks to attract the companies.

Besides Spain, China has also explored blockchain technology for making its forest industry more efficient than before. A company, known as Hangzhou Yi Shu Blockchain Technology Co. Ltd, came in to being when Beichuan Qiang Autonomous County and Beijing Sinfotek Group collaborated to implement their vision, ‘forestry economic development and industrial poverty alleviation’.

Different countries of the world are striving for improvement via blockchain technology in their systems. Spain’s step for innovating forestry has just begun. SO, what good blockchain technology can offer to Spain will be revealed soon.

Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Contact the editor at editor.opinions@blockpublisher.com

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