Blockchain as a tool to boost the cannabis market in Uruguay

Uruguay became the first country in the world to legalize cannabis, both for medical and recreational purposes, less than a decade ago. Now thanks to that, Uruguay Can is developing a cannabis application that works in tandem with the blockchain technology and the Internet of Things, in order to facilitate the registration and monitoring of cannabis strains from seed to final product.

The blockchain technology is an increasingly interesting medium for the cannabis industry. Especially after the open-source app æternity announced that it is developing a blockchain platform for the growing market for cannabis derivatives.

This initiative has as an ally, the company Uruguay Can, a leader in the Latin American country where the cannabis industry is legalized, which stimulated the development of the sector.

If you want to know more about cannabis, how the cannabis legalization in Uruguay is helping in the development of a blockchain cannabis app, and to find out the latest cannabis news, download the Hemp.im mobile application.

A cannabis app using the latest technologies in the market

The app allows the registration and monitoring of cannabis strains from seed to final product. And it is achieved by combining Internet of Things and blockchain technology, which allows for the creation of decentralized applications.

Pablo Coirolo, æternity’s CEO for the Americas, said: “We seek to be the first to offer a commercial solution, partnering with leading technology providers and cannabis producers, processors and distributors. æternity’s technology is ideal for tracking the entire cannabis production process, from seed to the grown plant, and the supply chain, ensuring consumer safety and regulatory compliance.”

In December 2013, less than a decade ago, Uruguay became the first country in the world to fully legalize the production and sale of cannabis. The fact has even more impact considering the South American country’s neighbors are Argentina and Brazil, which are several times its size and population, and still have not taken action in order to legalize the consumption or sales of cannabis.

The cannabis industry includes derivatives such as CBD oils, creams, and supplements that improve health according to recent studies by scientists from different countries and universities.

Blockchain and cannabis, an interesting mix with a lot of business opportunities

Other projects poised to bring together the worlds of the blockchain and the cannabis industry are DMG Blockchain, a private company whose latest project is based on a supply chain and platform for the Canadian legal industry. HempCoin (THC), on the other hand, is a solution with its own crypto. Intended for the agricultural trade, it uses HempTRAC for data, HempPAY for payments and HempDEX for global exchange.

Paragon (PRG) is a comprehensive solution to many of the problems affecting the legal cannabis industry. Its records can authenticate the product and confirm that a transaction is legal and free from regulatory interference. In addition, Paragon seeks out properties to rent out to new companies in the cannabis industry, creates a digital space for cannabis enthusiasts to share their thoughts, and funds and supports blockchain in this industry.

Finally, PotCoin (POT) is a cryptocurrency designed as a method of payment and store of value for the legal cannabis industry worldwide. Users can exchange PotCoin for legal cannabis products and services.

These probably won’t be the last companies to launch on this market. The cannabis industry is just emerging and has a bright future ahead. It is not surprising that it is complemented by the blockchain technology, which is developing driven by the success of cryptocurrencies and the need to decentralize operations.

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(Featured image by MonicaVolpin via Pixabay)

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First published in Revista Cloud Computing, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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