Japanese village initiates ICO for economic recovery

A small village in Japan is looking for ways to revitalize itself and considering initiating an ICO - an interesting approach to boosting the economy.

Nishiawakura does not even count 1,500 inhabitants. The total area of ​​the village is 95% covered by forests. The infrastructure is sick, the economy is broke. The necessary recovery could be triggered with an ICO, according to the opinion of the local government Nishiawakura. This is an interesting approach, bearing in mind that they may also receive support from the national government or even seek private investment. Instead, this transparent and public approach should prove more successful in the long term. However, the village wants to first explore how far the idea could be realized. However, three possible project partners are already certain.

Three companions on the way to recovery

chaintope Inc. develops blockchains and a platform to support ICOs. This platform uses Amazon Web Services for data storage and can also use the Bitcoin blockchain for public timestamps. The developed blockchains are operated according to the company's website "in a closed network separate from the Internet". Dependence on the Amazon service, however, may be considered critical due to centralization.

Murashiki Inc., a company that claims to be contributing to world peace with its work, will also participate in the project to develop an e-commerce platform for the system.

A-Zero Inc. is undertaking regional revitalization projects in collaboration with communities and will also provide Nishiawakura with advice on the project.

Japan's innovation

It has often been shown that Japan is quite innovative in terms of blockchains. The local government plan of Nishiawakura once again proves that people in Japan are open to the new financing model. However, the lack of a clear regulatory framework for the ICOs could significantly hinder the success of the project by the Nishiawakura government. Although it remains to be seen whether this particular ICO will ever take place, the development in its own way is quite interesting.