Japan’s Daido Life Insurance Sets Trials For Blockchain-Based Cryptocurrency

According to the source, the insurance company is running a Proof of Concept for Daido’s blockchain-based digital currency. The trial involves employees to hold the currency and use it to buy items. In return, they’d receive coins based on their behaviour.

The insurers of Daido Life insurance say that they are interested to keep their clients as healthy as possible, so the whole thing can act as an incentive. For example, the wallet could be linked to a health app and can collect coins based on the activity.

Daido Life’s tech partner is DeCurret which operates a Virtual Currency Exchange. It hopes to commercialize the white-label digital currency blockchain platform for use by others. The startup took a sum of 11.4 billion Yen which is equivalent to $106 million. During the July 2019 fundraising, DeCurret expressed its keenness on not only virtual currency but digital currency as well.

Daido Life invested roughly 3.4 billion on DeCurret in July 2019. A capital of 2.75 billion Yen ($25 million) was issued to Internet Initiative Japan, the company’s largest shareholder. Other DeCurret investors include Sumitomo Life Insurance, Meiji Yasuda Life Insurance, Konami, Chubu Electric, telecom firm KDDI, telecom equipment firm Enecom, Alsok, Toppan Printing and Hankyu Hanshin Holdings.