In Last one year, it is hard o imagine a conversation in the technology without having a mention about Bitcoin, Blockchain, and Cryptocurrencies. Blockchain that forms the heart of Bitcoin and other cryptocurrencies is one technology which is paving the way for change in the future. It is also laying the foundation stone for creating a system which will revolutionize the business operations and customer service. The broad horizon of blockchain has engulfed various business niches ranging from finance to healthcare.
It won’t be wrong to say that this technology is disrupting the markets left, right and center and here I will be focusing on how blockchain is going to influence the cannabis industry.
What brings me to write this blog is to showcase that blockchain is a ubiquitous technology. Moreover, the controversy that surrounds marijuana regulation has also led to research on how blockchain can bring more parity and control in the cannabis industry.
A quick bite of blockchain-
Well, Blockchain doesn’t need any introduction, but before we head further to understand how it will be beneficial for the cannabis industry. Developers believe that blockchain is a panacea, it is the solution for all the bottlenecks. It cuts down the need for a third party; you don’t have to wait for long for approval and validation of payments, you don’t have to pay higher transaction fees. Thus, it comes as a quick way of transacting money. Another great feature about blockchain is decentralization, i.e., there is no central repository of information, it is distributed in the entire network. All the data in the blockchain ledger is unchangeable and unalterable.
Cannabis and Blockchain-
Many of us are wondering, what role will blockchain play in the cannabis industry? The transparency offered by blockchain can be beneficial for the financial institutions who would be auditing cannabis companies. Moreover, it will also be helpful for the government institutions who would adequately tax marijuana businesses and regulate the industry.
We all know that blockchain is exceptionally beneficial for the supply chain management. It can be useful in marijuana or cannabis industry. With the help of Blockchain Technology, we can eliminate the paperwork creating a real-time tracking that businesses can follow. Blockchain Technology will help the cannabis industry to improve their operations by reducing the cost.
It can also help the cannabis industry to have adequate quality control. The customers can track the entire information about a particular product and get to know about the quality of cannabis.
What are some of the popular developments in this field?
When it comes to the application of blockchain in the Cannabis industry, then we have many developments in this domain, here I am sharing a few of them :
Potcoin– Most of the cannabis businesses operating officially can only accept cash, this may put companies at risk. PotCoin is a great way to overcome this problem; it provides a decentralized banking platform where companies can easily transfer funds from customer’s digital wallets to companies wallet.
Smoke. Network– This network rewards the users with SMOKE coins for creating original cannabis related content. The user can store these coins on the onsite wallet.
Paragon– The objective behind this is to enhance transparency and come up with regulatory solutions in the cannabis industry. It will be done with the help of immutable ledger for industry-related data. The company will also have their social network for the station and even a co-working space with an in-house lab.
CannaSOS– It is a social network portal which helps the buyers locate the retailers, discover products and explore marijuana strains. The user can post and review the articles, answer questions and earn coins, PerksCoins Reward Points, which can be later converted into PerksCoins. The most significant benefits of this cryptocurrency are that you can withdraw it into all major international currencies, or else you can use it on the website for advertisement.
These are some significant developments in the field of blockchain and its application in the cannabis industry.
Although, these are just the starting developments, and we are yet to witness some other changes, but Blockchain is defiantly going to revolutionize the industry which will not be limited to cannabis but also something more, thus paving the way for some great revolutionary changes.