The Nuvus project aims to merge two of the fastest growing sectors in the world: blockchain and cannabis. Its developers aim to create a global ecosystem for supply chain verification using the blockchain.
To achieve this, it will combine the distributive ledger and trustless trust platform with a primary focus on agriculture. The initial focus will be on cannabis, which has shown a lot of potential for growth.
What Value Will It Bring To The Cannabis Sector?
With the application of the blockchain to the cannabis sector, it will provide growers, distributors, retailers, processors, and doctors with full access to the supply chain. With increased verifiability of the origin of products, it would add great value to the industry.
The transparency will allow end users to tell the potency, types, and the potential benefits of the different strains and potential side effects on the body. This could create a lot of value for the research industry. The technology has potential to become one of the most important technologies for cannabis sector.
If it is adopted globally, it will create billions of data points to the supply chain, which will be useful for medical research and proper diagnosis. Currently, most of the supply chain data is highly controlled by a few organizations. This data is subject to manipulation, which slows down the adoption of life-saving research and treatments.
The Nuvus project will provide the sector with a distributed open source ledger and other permission-based technologies. Those targeted by this technology include master growers, doctors, scientists, universities, and tech companies. This data will ensure that a patient gets the most out of their medical marijuana.
The Nuvus GETX ICO Token
Nuvus has created the ERC20 based token called the Global Exchange token (GET). The token will be used for the validation of qualitative and quantitative data collection, analytics, and process flow related to details of the supply chain. The blockchain will offer users real-time feedback. To ensure transparency, participants will be rewarded for quality, timeliness, and accountability during diagnosis.
Why The Cannabis Sector
The cannabis sector has grown quite rapidly in recent years. This is despite the fact that it is only a few years old. In the next few years, legalization of cannabis is expected to go above the 75% mark. Besides that, there is an expectation that the federal authorities will remove marijuana’s classification as a schedule 1 drug. This could lead to an explosion in the growth of the industry. This is because all rules written at the federal level require compliance by all states.
Just like any other industry, the establishment of universal standards for certifying cannabis data will be needed. Nuvus intends to be the first one to offer a viable solution for the verification and standardization of data in this sector. It will offer a secure and transparent platform for the flow of data via the immutable distributed ledger.
This will position it firmly in this sector, giving it the ability to influence changes as they occur. The token sale is expected to start in about 7 days.