Both, the cannabis and blockchain industries are going to be integrated with a new partnership between the Vancouver-based company Blockstrain Technology Corp and NXT Water LLC. They will be working together to verify and track cannabis from harvest to purchase. The information was released by Bloomberg on January 30.
Blockstrain uses blockchain technology in order to verify cannabis genetics and assure that the consumers are getting what they think they get. Side by side with NXT Water LLC, they want to develop and launch Akeso Functional Fitness Water, a CBD-infused drink that is dubbed the “first-ever fully transparent beverage.”
In order to validate the strain’s genetics, Blockstrain uses a third-party firm and links it to a QR code. In this way, each customer can verify this strain, the mixture of CBD and THC, and many other detailers related to this product.
The main intention behind this partnership is to build trust and transparency in an industry that has been dominated by the black market. At the same time, Blockstrain partnered with the cannabis producer WeedMD Inc so as to test and verify its strains.
The blockchain and cannabis industries have been compared since they’ve experienced very impressive gains. Back in 2018, several Cannabis stocks were skyrocketing and the whole market was purchasing them. Meanwhile, cryptocurrencies have also grown exponentially in 2017 reaching very high values.
Now, these two industries haven’t performed so well during the last weeks. This shows that the sudden interest in both of these sectors has considerably diminished. Indeed, cryptocurrencies lost more than 80% of their value since their all-time highs until now.
There are other firms that are also using tracking systems based on blockchain technology to provide better information to customers. JD.com and Carrefour are tracking some products that they sell in order for clients to know what they are buying and if these foods are following the local regulations.