Blockchain Technology and digital currencies have found their way to enter in Forestry industry. Recently the Ministry of Agriculture and food has broadcasted the acceptance of digital currency to grow its Forestry industry in Europapress on September 21, 2018.
Chain Wood, the functioning group of Forestry`s primary focus is to enhance the competency and effectiveness of the wood supply through blockchain technology. This functioning group is consist of eight associates from diverse places in Spain. The regions in Wood Chain are Galicia, the Community of Madrid, Andalusia, Castilla y León, and Asturias.
Spanish Ministry of Agriculture and Food initialized this group by funds raised by different departments of Ministry like State Administration, Forest policy, etc. It succeeded in raising a total of 93,350 euros. Chainwood arranged its first meeting in Santiago de Compostela to discuss the transparency issues. For this, the software has been developed by the group to solve the transparency issues, named cloud-based. This programme will expand the transparency of processes like solid wood`s creation, biomass, and cellulose paste through blockchain technology.
ChainWood will transmit the sample trail after the manufacturing of the exchange. The trail will be run on poplar, chestnut, and oak tree from Castilla, Asturias, and Galicia respectively.
Other countries of the world have included blockchain technology in their forestry industry recently. Like China signed an agreement in August to create a new company for its forestry industry. The new company Hangzhou Yi Shu will perform its function by using blockchain technology. Furthermore, the Catalonian Government has also decided to provide digital facilities to general people by using blockchain technology.