Business

Companies begin to use the blockchain for cannabis

Blockchain would allow the registration and tracking of cannabis strains from the seed to the final product. This ensures consumer safety while complying with regulations. In theory, using blockchain to track a cannabis plant’s progression from seedling to curing and sales would make it more difficult for a bad company to inject bad product into the supply chain, thus upping cannabis security.

Companies specializing in the sale of marijuana begin to use the blockchain for cannabis. Consequently, the cannabis industry is changing yet again.

For example, the Canadian drugstore chain Shoppers Drug Mart has partnered with blockchain company TruTrace Technologies Inc.

According to a report by Bloomberg on June 17th, they decided to launch a pilot program to track the cannabis supply through Blockchain.

How does using the blockchain for cannabis work?

According to the report, this blockchain tracking system is to identify and track medical cannabis. Therefore the data includes things like the source of the strain and its genetics.

In other words, this data will allegedly allow physicians to issue more effective prescriptions. And they will also provide reliable information for clinical trials of cannabis for therapeutic purposes.

Ken Weisbrod, CEO of Shoppers Drug Mart, explained how this new traceability process can help.

Doctors can say, “this product, this strain, this cultivar with this chemical component, has allowed my patient to get excellent results.”

Certainly, this is a huge step forward for the industry. The motivation behind the monitoring system is to alleviate the concerns of patients and doctors, by “considering it more as a traditional medical treatment”, says Weisbrod.

Blockchain at times can feel like a very large, very inchoate machine. (Source)

The blockchain for cannabis is used to track vehicles in charge of delivery

Similarly commenting on TruTrace’s motivations, the company’s CEO, Robert Galarza, said he hoped that the company’s recent partnership with Shoppers Drug Mart could be similar to US pharmacy chains CVS and Walgreens, which already sell cannabis products.

For example, CyberCar, a Colorado-based company specializing in car safety, has partnered with Webjoint, a company specializing in cannabis supply chain software.

Together, they’ve combined to use a blockchain-based traceability system to track and control vehicles loaded with cannabis deliveries.

The blockchain tracking process

According to the report, the blockchain system would automatically track drivers and vehicles in order to secure them.

Chris Dell’Olio is the CEO of Webjoint. To sum it up, he explained how tracking CyberCar drivers could help his business.

“Legislation around cannabis has always been an obstacle to normalizing this industry. However, with CyberCar integrated into our solution, we are able to fully automate and secure the process by meeting different regulatory requirements from state to state,” said Dell’Olio.

Blockchain has many fans in the drug policy reform. (Source)

Could blockchain help the cannabis industry?

Blockchain at times can feel like a very large, unfinished machine. However, the security advantages of decentralization and encryption for sensitive data are obvious.

Blockchain has many fans in the drug policy reform world. This is because the blockchain was a viable technique to mask drug transactions from authorities.

In conclusion, the Blockchain may be the start of solutions to the American cannabis industry’s banking woes. Though it’s more likely that big centralized banks will start taking cannabis business accounts first).

__

(Featured image by Hitesh Choudhary)

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

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. B2I assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. B2I is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

Eva Wesley

Eva Wesley is an experienced journalist, market trader, and financial executive. Driven by excellence and a passion to connect with people, she takes pride in writing think pieces that help people decide what to do with their investments. A blockchain enthusiast, she also engages in cryptocurrency trading. Her latest travels have also opened her eyes to other exciting markets, such as aerospace, cannabis, healthcare, and telcos.

Recent Posts

Ontario Increases Efforts to Combat Illegal Cannabis Market

Ontario is investing $31 million over the next three years to enhance efforts against illegal…

5 days ago

Hanover and Frankfurt Will Be the First German Cities to Legally Sell Cannabis for Adult Use

Frankfurt and Hanover are launching five-year pilot projects for legal, regulated cannabis sales to adults,…

6 days ago

CBD Decree Suspended By Italian Administrative Court for Third Time

Italy's Regional Administrative Court suspended the Health Ministry's decree labeling CBD as a narcotic, pending…

1 week ago

Which U.S. States Will Vote on Cannabis Legalization in November 2024?

This November, five U.S. states will vote on measures related to legalizing recreational or medical…

2 weeks ago

Italy to Be Investigated By EU Commission Over Proposed CBD and Hemp Ban

The European Commission has launched an investigation into Italy after its recent proposal to ban…

2 weeks ago

Prolonged Cannabis Use May Leave a Unique DNA Signatures

A new study has found that prolonged use of high-THC cannabis leaves a unique mark…

2 weeks ago