The Growing Use Cases of Blockchain in Cannabis

The Growing Use Cases of Blockchain in Cannabis

THELOGICALINDIAN - Blockchain ability abate some of the affliction acquainted by marijuanarelated enterprises

Cannabis is growing the U.S. and Canadian economies as the push for decriminalization moves forward. 

In fact, as American industries go, its 250,000 employees far surpassed the 52,300 atramentous miners in the USA in 2018. That cardinal is accepted to abound to 330,000 by 2022, and cannabis lobbyist accumulation the Marijuana Policy Project reports about every accompaniment has some array of pro-marijuana legislation at some date of approval affective against the 2020 election.

TruTrace CEO Robert Galarza took some time out from Consensus and Blockchain Week to altercate how his company’s StrainSecure platform is leveraging blockchain to boldness the best acute issues adverse the avant-garde cannabis industry.

The aggregation currently operates in California and Canada, two of the best avant-garde cannabis cultures in the world. California contains Humboldt County, home to the Emerald Triangle, which is accepted common as the Aalsmeer Flower Auction of pot. Canada joins Uruguay as the alone two absolute states in the apple area cannabis is recreationally legal.

Both governments are disturbing through growing pains with this arising industry, and blockchain may authority the answer.

CA and CA: A Tale of Two Velocities

Legalizing edger isn’t as accessible as it sounds. California is advanced of the bold in abounding ways, but it’s still disturbing with issues apropos its METRC seed-to-sale tracking system. And while acknowledged aural the state, it’s still federally illegal, so there are a lot of gray areas cannabis companies accept to navigate.

This leaves businesses in a ambiguous position – they accept to record, track, and address all abstracts on anniversary plant’s activity cycle, but the accoutrement to do so don’t consistently assignment correctly. In fact, it took several years afterwards the 2017 amends afore METRC’s implementation, and it’s still not absolutely activity today.

Many acclaim software and database issues surrounding licensing and account tracking as active prices up. This, in turn, bedridden California’s acknowledged market, which fell far abbreviate of expectations so far.

And while Canada legalized afore the U.S., barrage difficulties strangled the accumulation of acknowledged cannabis on its acknowledged market. Red band and authority still exists in the best accelerating nations.

Relieving Headaches with Blockchain

With the abridgement of adjustment comes abridgement of affection and safety. Up to 80 percent of the cannabis awash in California comes from the atramentous market, and this creates a botheration for medical patients who charge dependable medication with anticipated effects.

StrainSecure focuses on abstracts candor and efficiency, abundant like Factom’s smart-contract protocol. The aggregation believes in the ability of blockchain to go above seed-to-sale to trace from genome-to-user. Like best avant-garde blockchain 3.0 projects, interoperability and cross-compatibility is the aim.

Being able to trace the abounding accumulation alternation of cannabis agency both retailers and end-users can be assured that the artefact they’re affairs is absolutely what it says it is. The ache analysis are stored in a acute contract, and abstracts is added during anniversary processing stage. It’s alike added absolute than the farm-to-table archetypal we use for our food.

If molds, pesticides, and added carcinogens are found, they can be pinpointed and recalled effectively. StrainSecure is the blockchain band-aid allowance cannabis-centric platforms like MJ Freeway, BioTrack, and AltThirtySix acquaint with bequest platforms from SAP, Oracle, and others.

This interoperability is key to the success of the platform, as companies are application it to clue and address abstracts from in-store platforms to accompaniment regulators. It alike helps dispensaries accomplish bigger due activity on artefact actuality supplied by growers and distributors.

While abounding cannabis tech projects (crypto or not) focus on all the money in the sector, StrainSecure is acclimation operational issues in the accumulation chain. It’s a targeted move that will actualize a massive fizz if it’s a big abundant hit.

But it’s not abandoned in this chase – DMG Blockchain Solutions has a band-aid on the market, as does Parsl. is alive with Mile High Labs on addition cannabis supply-chain blockchain. The amplitude is awful competitive, and both cannabis and blockchain are too new to acquaint what’s alive yet.

Nobody anytime said anarchy was easy.