The cannabis industry is one of the fastest-growing industries in the world, and businesses within the sphere are using highly modern tech solutions to carry out their activities. One such innovation is blockchain technology. Many industries have integrated blockchain technology into their production process, with the aim of certifying, tracking and making transparent the information recorded.
There are many industries that have integrated blockchain technology, including the sector dedicated to medical cannabis. Now, there are a number of medical cannabis projects on the blockchain.
It seems that medical cannabis, blockchain and crypto travel on the same scale. They are all fast developing, do not have clear regulations and, in recent years, have attracted large volumes of money.
You can keep up with news about cannabis and blockchain technology on the Hemp.im mobile app. This app helps readers invest in hemp thanks to news summaries in small digestible chunks.
What is blockchain?
The first thing that most people think when they hear the word blockchain is cryptocurrency. The two concepts have become synonymous, mainly because the cryptocurrency idea could not work without blockchain technology.
However, since this type of technology can ensure security and transparency in all sorts of financial transactions, it can do so much more.
It would be far too nearsighted to consider that blockchain only has a part to play in the financial sector. Indeed, the blockchain revolution is being felt across numerous industries and types of services, from customer care to healthcare, from governmental practices to retail.
A blockchain carries no transaction cost and is a simple, yet ingenious way of passing information from A to B in a fully automated and safe manner.
One party to a transaction initiates the process by creating a block. The block is verified by thousands, perhaps millions of computers distributed around the net.
Specifically, some projects have rushed into this connection, placing the coexistence of these worlds in their core-business and creating medical cannabis projects on the blockchain.
Basically, among the two thousand crypto in circulation, many are tokens or crypto that represent a specific blockchain (some private and others permissionless) related to the world of cannabis.
Examples of cannabis projects on the blockchain
DMG Blockchain is a private blockchain company whose latest cannabis project is based on a full-service supply chain and a source platform for the Canadian legal cannabis industry.
HempCoin (THC) is a blockchain solution with its own crypto for agricultural trade and uses HempTRAC for data, HempPAY for payments and HempDEX for global exchange.
The users of this platform are private individuals and companies in the legal sectors of cannabis, hemp, and tobacco. They serve primarily as a banking and payment solution for the cannabis industry.
Its crypto, THC, is listed on crypto-exchange CryptoBridge, P2PB2B, Trade Satoshi and Graviex.
Cannabis projects create solutions for the legal cannabis industry
Paragon (PRG) is a comprehensive blockchain-based solution to many of the problems that plague the legal cannabis industry. Its distributed registers can authenticate the product and confirm that a transaction is legal and free of regulatory interference.
In addition, Paragon also researches affordable properties for rented cannabis startups, creates a digital space for cannabis enthusiasts to share their thoughts, as well as fund and support blockchain innovation in the cannabis industry. The PRG token is listed on the crypto-exchange of YoBit and Tidex.
PotCoin (POT) is a cryptocurrency designed to serve as a payment method and a store of value for the legal cannabis industry worldwide.
Users can exchange PotCoin for legal cannabis products and services. POT can be purchased and exchanged directly on the crypto-exchange Bittrex.
Malta and the regulation of medical cannabis
The issue of regulations for the crypto and cannabis sectors has enabled the state of Malta, called the “Island of Blockchain,” to expand its vision through events that continue to invite innovative companies from these worlds.
After the success of the SiGMA and Malta A.I. & Blockchain Summit, the island also hosted the event, Medical Cannabiz World.
The medical cannabis summit focused on the regulatory benefits for companies settling in Malta and attracted investors, medical researchers, policymakers, and entrepreneurs from around the world, seeking to forge interesting new opportunities.
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First published in theCryptonomist, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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