Two Japanese companies used blockchain technology to develop an alcohol trading platform, Cryptonews.com reports. This platform will allow its users to buy, sell, and hold liquor in a similar way that the cryptocurrency platforms work. According to the source, this initiative is a result of companies Recika and JIS (Japan Import System) creating a joint-venture firm UniCask.
The plan is for the platform to start running in spring 2021. It will allow its members to access the temperature settings and humidity levels in Japanese distilleries. As the source suggests, the reason for this is that it has been hard to monitor the transparency of management when it comes to Japanese liquor such as whiskey.
As a result, the products did not seem attractive to foreign customers. However, with the new alcohol trading platform, buyers will be able to easily access all information they need. Moreover, they can easily make a purchase via a smartphone.
This is not the only blockchain initiative that Japan attempted recently. In September 2020, several Japanese companies started work on the Japan Contents Blockchain Initiative (JCBI). This project aims to develop a media platform and content distribution system on the blockchain. A similar blockchain-powered initiative to protect content creators was also launched in China.