SCRY in Japan Blockchain technique and Japanese insurance

At the end of March, at the invitation from the Japanese partner, the SCRY team paid a visit to Atogo Green Hills Mori Tower in Tokyo for a seminar on blockchain technology and applications. Attendees included officials from the Ministry of Economy, Trade and Industry (METI), technology research scholars, and representatives from the fields of insurance and finance, including officials from METI, professor from The University of Tokyo III, CEOs of Japanese insurance companies, former president of Sony, and researchers from Nomura Research Institute (NRI). With such an exceptional group of attendees, the seminar was a resounding success.

At the seminar, SCRY introduced the team’s aim and vision of having blockchain technology better serve the entire world, and provided simple and clear explanations about blockchain technology and the concept behind it. Afterwards, the SCRY team explained the distinctive double-chain underlying structure they have developed, and its high speed transmission and stability, winning accolades from the attendees. The first Dapp that the SCRY team will launch in July, integrates many interesting social and data prediction concepts, and raised a lot of attention at the seminar for the potential to cooperate with numerous data applications.

Apart from SCRY.INFO, attendees were also keenly interested in the agricultural supply chain application that the team had successfully developed in 2016 by utilizing blockchain technology. Japan is a high-end agricultural product exporter. With the spirit of craftsmanship, Japanese people consistently pursue better cultivation methods for agricultural products, thereby winning a solid reputation in the international market for their high quality produce. However, not all agricultural products in Japan are covered by whole-process traceability system. Recently, a number of international companies such as Louis Dreyfus, a French multinational agricultural product group, and De Beers, the world’s largest diamond group successfully applied blockchain technology in resource trading, and made surprising achievements. This technology clearly shows the entire supply chain, simplifies procedures, and eliminates many hidden risks. This ensures that costs are lowered, efficiency is enhanced, and both consumers and related businesses are reassured about the quality and source of products. Thus, it is clear that blockchain technology has great market potential in Japan’s agricultural product supply chain. The attendees at the seminar believe that based on the successful agricultural case and combined with the local conditions in Japan, this technology will revitalize Japanese agriculture.

The Japanese government has always been positive about blockchain technology. As a developed country that has integrated Asian and Western culture, Japan has a highly mature insurance industry. Its insurance premium, insurance business volume, depth and density even exceed that of a number of western developed countries and ranks first. Today, Japan is one of the most developed countries in terms of insurance. The combination of blockchain technology and insurance, particularly, the application of SCRY’s double-chain, can help rapidly generate insurance policies, and provide more borderless insurance applications. Blockchain can control time cost and risk, and increase the scope of benefits. Thus, undoubtedly it will inject new blood in this mature industry. At the seminar, people from all walks of life showed tremendous interest in this concept, and it led to several rounds of excited discussions. Mr. Daisuke Tanaka, a senior consultant from NRI also expressed certain concerns, “When data is entered in the blockchain, any false information that is authenticated will cause a huge impact on system and applications. Therefore, it is important to cautiously limit the scope of initial information entry.” (The above discussions were keenly followed by Japanese mainstream media, The Nikkei. Please refer to relevant reports for details)

This seminar has had a deep and long-reaching influence on SCRY’s cooperation in Japan. Many participants from traditional industries also proposed their ideas for further cooperation. Many guests also reached initial intention of cooperation on SCRY’s underlying platform. With the growing development of the SCRY.INFO project in Japan, we believe that more traditional industries will find applications that match their own needs on SCRY. It is the SCRY team’s aim to actively contribute and provide better and more convenient platforms, to jointly create the SCRY open community.

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