CHEX is a cannabis hemp exchange built on the blockchain. Find out how the platform works today in our review.
What Is CHEX?
CHEX, found online at TheCHEX.com, is a platform that provides wholesale distribution and private exchange software for the cannabis industry. The platform is focused on the hemp and cannabis industries.
Basically, CHEX will build a blockchain for your cannabis-related business. It’s a B2B software solution that’s already being used by clients across North America.
Some of CHEX’s clients so far have included Pacific Wholesale Network. CHEX created a private exchange for the California distributor, allowing them to efficiently transact with B2B suppliers and customers of commodity and finished products.
Overall, CHEX describes its platform as a “cannabis hemp exchange” – which is where the name CHEX comes from.
What Problems Does CHEX Seek To Solve?
Obviously, cannabis businesses are some of the biggest targets for the blockchain industry. Cannabis businesses in the United States struggle to access modern banking services. Marijuana is still a schedule I drug – the same category as heroin – which means banks refuse to offer banking services – like credit cards or business accounts – to cannabis businesses. These businesses can either use cash, or they can turn to alternative options like CHEX’s blockchain technology and cryptocurrencies.
Cash is great for anonymous transactions and small purchases. However, today’s cannabis businesses are often multi-million dollar companies. Doing business exclusively with cash can be challenging.
Blockchains like CHEX seek to solve this problem by providing businesses with a transparent and immutable way to track transactions – regardless of which currency is being used.
CHEX Blockchain Features
Here are some of the key features of CHEX’s private blockchain technology, available to businesses across the legal cannabis industry:
Customize how products are sold in tiered bulk sets, including units of measurements and user variants.
Commodity and product lot orders are paired with a customizable set of lot specification tags that cater to desired requirements for the traded asset.
Order Communication Channels:
Businesses can setup communication channels on the blockchain, choosing where direct, contractual communications can take place between buyers and sellers – say, when negotiating different parts of the order.
Orders solve their contracts through a bid/ask/counteroffer process, then move into mutually shared order tracking and settlement. Users can also setup limit and auction orders.
Integrated Settlement Cart:
A traditional shopping cart platform can be used as a “quick settlement” feature.
Social And Business Networking:
All user profiles can be representative of either individuals or companies. Companies can create an internal network of individual user accounts. Some of the quick connection features include QR code scanning.
Affiliate Platform Trees:
Company user accounts can add and configure affiliate user platforms, including inventory for sale and businesses processes.
Industry sectors all require unique user onboarding of regulatory documents and other compliance verification paperwork.
Verified User Ratings:
The platform facilitates trustless exchanges between users by establishing verified user ratings. Businesses and individual users have a reputation within the platform.
CHEX is a feature-rich platform catered to the B2B cannabis industry. The CHEX whitepaper goes into further detail about the private blockchain technology and how it works. All aspects of the platform can also be customized, which expands the usefulness of the platform across all players in the cannabis industry.
Who’s Behind CHEX?
CHEX is led by a Los Angeles, California-based team dedicated to serving the cannabis industry. Key members of the team include Eugene Lopin (CEO), who worked in software development before joining the cannabis industry. He also began his career at Goldman Sachs.
Other key members of the team include Danny Floyd (Chief Experience Officer), a UI specialist with 15+ years of experience with Electronic Arts and other video game studios, and Jacob Floyd (Chief Technology Officer), a full stack engineer with 8+ years of experience in the software industry.
CHEX was founded in 2014. The company’s first proof of concept pillar design was launched in beta form in Q2 2017.
The CHEX Token Sale
CHEX tokens (CHX) are designed as a cryptocurrency for the cannabis industry. Businesses can use CHX tokens as a transaction medium. Businesses can also reward customers with CHX tokens as a type of loyalty program. Businesses can also use CHX tokens as a distributed, verifiable blockchain ledger.
As a CHX token holder, you’ll be able to obtain a portion of B2B transaction fees by facilitating the purchase between active, verified buyers and sellers of the industry sector they are currently participating in.
The overall goal of CHX tokens is to create an ecosystem where users and businesses can transact more favorably than they do in established exchange networks while also merging previously unlinked market makers together.
There will be a total supply of 1 billion CHX tokens. 100% of those tokens are available during the crowdsale. The crowdsale opened on August 25 and continues until October 24, at which point the price will increase.
The team behind CHEX claims to have been working on the idea for CHX tokens since 2014. With the ICO, they’re finally seeing the fruits of their labor.
The CHEX Loyalty Program
CHEX is a fully customized blockchain platform catered to the needs of B2B cannabis businesses and users.
The company is dedicated to creating blockchain-based marketplaces catered to legal cannabis markets around the world. The goal of CHEX is to facilitate the B2B exchange of commodities and finished products. CHEX aims to establish itself as a leader in the legal cannabis industry as it continues to expand worldwide. To learn more about CHEX, or to participate in the token sale, visit the platform online today at TheCHEX.com.