How Blockchain Technology Will Help Cannabis Supply Chain Companies
IndustryARC recently performed a market research study to gauge the growth and future balance to predict the impact of blockchain technology. In their findings, they discovered that the current pattern suggests a growth of 48.37% in the next five years, resulting in a value of $424,240,000 in supply chain.
The supply chain is a simplified way to reference the network that involves a company and suppliers, showing their production of products or services to their consumers. By adding blockchain technology to these chains, the information can be more easily accessed and adjusted through each link. In the report, IndustryARC also said that the benefits that will pivot the industry forward include the blockchain’s ability to maintain transparency and immutability.
In 2017, IBM brought forth the idea of adding cannabis sales to the different applications of blockchain technology. In the proposal they outlined, IBM said,
“Blockchain is rapidly becoming a world leading technology enabling the assured exchange of value in both digital and tangible assets, while protecting privacy and eliminating fraud. Its relevance to regulating cannabis is similar to its many chain of custody applications in areas such as pharmaceutical distribution and food chains. The core to those supply chains is the same, assuring health and safety of consumers, preventing fraud and counterfeiting while creating a foundation of transparency upon which to base regulation.”
A new addition to the trading options on the Venture Exchange is from BLOCKStrain Technology Corp, which will be under the symbol DNAX. The company emphases how big of a change this is for their platform, considering that they have a software that will now track information about every exchange through the cannabis sector.
BLOCKStrain specifically tracks the various genetics that go into each strain, which is why it’s so important to integrate the use of the blockchain to keep everything organized. The software ensures that there’s a clear line of the source of the inventory. The platform also includes a process for testing each strain of cannabis, which will become incredibly necessary to consumers as this substance becomes legalized for recreational use.
This company wants to support growers, cultivators, and legal producers of cannabis, and there’s a need to have these strains tested to be entered into the system in the first place. The company also encourages the people in these roles to reach out to them to gather up a larger group of brands that consistently works towards progress in the cannabis industry. The investors are promised by BLOCKStrain that they will “work tirelessly to [their] behalf and for the long-term growth of BLOCKStrain, ensuring this is the best tech company in the sector, and one that provides [them] with a solid and sound long-term investment.
Some of the interested parties that BLOCKStrain notes in their partnerships include Leafbuyer Technologies, MassRoots, Singlepoint, and WeedMD. Leafbuyer Technologies already is a leading platform for cannabis, and they recently partnered with Stellar for their open-source protocol that will be integrated into their business practices.
MassRoots has mobile applications that help consumers to find nearby dispensaries and access reviews about different strains. Singlepoint is a company that focuses on the technology of other companies that can promote growth within the cannabis industry. WeedMD is licensed in Canada as a producer and will soon be one of the first ones to use blockchain technology while being federally funded.
To reach out to BLOCKStrain for more details, consumers can send an email to [email protected] or call 1-877-601-1879.