Greenstream Technologies: Cannabis Blockchain Network?
What Is Greenstream Technologies?
Greenstream is an advanced blockchain gateway that seeks to help cannabis brands benefit from blockchain technology. Similarly, it aims at tapping blockchain’s potential in solving financial, operational, and logistical problems in the cannabis industry.
The platform offers unified and secure solutions to licensed cannabis producers, online cannabis merchants, customers, and government entities that they can use to access, transact, authenticate, and share the movement of Cannabis through the supply chain process.
The Greenstream network will leverage the features of blockchain technology to enable licensed participants in the cannabis industry to communicate, collaborate, and transfer assets or value through the Canadian cannabis ecosystem.
How Greenstream Technologies Cannabis Blockchain Network Works
The platform’s network is compatible with any legacy IT infrastructure and thus enhances and secures all the aspects of users’ data integrity and transactions while simultaneously providing them with various need-to-know insights.
Greenstream records and authenticates commercial transactions and events within the supply chain as well as maintain, identify, records, and facilitate inventory management. Additionally, the platform traces the movement of cannabis among all the producers within the cannabis supply chain.
Greenstream network contains three layers that work together to ensure the platform is robust and capable of processing financial and informational transactions. The layers include:
- Governance: these are the procedures and policies, which govern the Greenstream network. The procedures and policies are unanimously agreed upon by all the participants of the network.
- Security: Greenstream will implement security policy and standards that will help secure the platform.
- Insights and Intelligence: Greenstream will feature tools that will provide it the monitoring, analysis and automation capabilities that respond to changes within the platform and environment. Changes include system capabilities requirements and error analytics.
Greenstream ensures faster transactions at lower costs by combining blockchain technology with the traditional eCommerce payment methods to create a GSX gateway. The GSX gateway will facilitate the entire cannabis supply chain and record all the transactions on blockchain’s ledger, which is immutable and verifiable.
Additionally, the utilization of blockchain technology within Greenstream will prevent the illegal infiltration of cannabis to the legal markets through cash transactions that are untraceable. This will prevent underage individuals from accessing the cannabis and ensure that legally produced cannabis is converted into federal and provisional tax revenue.
Greenstream Technologies Benefits
Greenstream provides a new industry standard for securing all the transaction in the cannabis industry using blockchain technology. The Greenstream’s blockchain also provides its users with the guarantee of data integrity while providing them with industry insights.
All the transactions on Greenstream are recorded on the permission-based blockchain network. Blockchain requires a consensus for any changes to be made to the transaction records; this will result in the increased transparency and reduce fraud, illegal activities, and costs.
The platform will gather, store, organize all the user data, and make it easy to verify all the stakeholders and actors within the cannabis industry. This will help Greenstream develop customized solution for each player in the industry.
Using the automation tools, Greenstream will reduce human intervention including the costs associated with the human errors and subsequently eliminate corruptible errors.