THELOGICALINDIAN - The cannabis industry is one of abounding industries benefiting from what blockchain technology has to action Were activity to booty a attending at six companies who are leveraging blockchain solutions in the cannabis industry But aboriginal we charge to apperceive absolutely what blockchain is and how it works
For those who are alien with what absolutely blockchain is, here’s a quick rundown. Blockchain is the apparatus of a being or accumulation of bodies that go by the name of Satoshi Nakamoto. It is a aggregate database of annal and anniversary almanac is alleged a block. Anniversary block contains a complete history of the blocks that came prior. Distilled down, the blockchain is a decentralized arrangement that facilitates and verifies affairs as able-bodied as a accessible ledger.
Now I apperceive you’re acquisitive to see area this and the cannabis industry are intertwined but there is a bit added to accept why this is important. You see, a new block in the alternation is created by addition initially requesting a transaction. The appeal is beatific to a P2P arrangement area it is again verified. A transaction can be one for records, contracts, and cryptocurrency amid added things. One the transaction is verified, the almanac of it and aggregate above-mentioned is added to the end of the alternation as a block.
Ok, now that we accept that austere up let’s booty a attending at some of the aboriginal adopters of blockchain technology and see how they are creating and application blockchain solutions.
IBM views blockchain’s cellophane and defended attributes as a account to the cannabis industry and has submitted a angle to the British Columbian government. In this proposal, IBM has categorical that the blockchain can accommodate a added actual and added adeptness to clue inventory, mechanize affection affirmation reviews, and abetment with money affairs area banks debris to help.
IBM has already experimented with application blockchain technology with added above companies like Walmart with abundant success. They were able to abbreviate the bulk of time it took to clue a mango addition from six canicule to two seconds!
SinglePoint and the Smart Cannabis Corp have aloof afresh formalized a letter of absorbed and affiliation to advice accompany a cardinal of allowances to their business. The SMARTAPP and Singlepoint’s “track and trace” software will amalgamate to accommodate the adeptness to acquirement Smart Cannabis greenhouses and pay for the cable fees associated with SMARTAPP.
Medicinal Genomics specializes in cannabis genomics and added specifically, the development of cannabis ache testing technologies. Currently, it costs about $2,000 for Medicinal Genomics to map the genomics of a cannabis bulb but there isn’t consistently the charge to absolutely map one. That’s area blockchain comes in. The ASIC mining basin is far beyond and cheaper than the accretion assets currently accessible at Medicinal Genomics. We’re talking accretion ability amid 500-1000 times beyond than the top 10 supercomputers combined. Their StrainSEEKproject has been accomplished in adjustment to berry a phylogenetic timberline area strains and their corresponding abstracts can be anxiously mapped and found.
PotCoin is a aggregation that is alteration how the cannabis industry handles banking transactions. Presently, there are about aught banks that will do business with a aggregation that sells cannabis. This is due to the actuality that the federal government still deems cannabis actionable and as a result, best businesses accord in cash. Keeping a lot of banknote about can be chancy business, however.
PotCoin protects those application it because your annual can never be frozen. This is abundantly due to the actuality that like Bitcoin, it decentralizes the alteration of value. All you acquire to do is set up a Pot Coin wallet to be able to acquire payments and advertise your coins.
Budbo is a aggregation specializing in software for the cannabis industry with an action apartment focused on abstracts analytics. Now they are attractive to body their software on the blockchain technology and added specifically, on the Ethereum platform. This technology will be the aboriginal of its affectionate to API abutment for third parties acceptance for allowances like transaction assurance, accessories ordering, and belvedere analytics amid others.
düber Technologies Inc. is our aftermost featured aggregation that’s attractive to action blockchain solutions in the cannabis industry. düber is alms tokens based on the Ethereum belvedere that can be acclimated to incentivize and drive barter in the cannabis community. The ambition is to accolade bodies for accomplishing things like accommodating in artefact reviews, accouterment artefact information/photos, and accommodating in adherence programs. Like added tokens, the düber Token can be acclimated to pay for appurtenances and casework with companies in the network.
Images address of CannabisTech
