Blockchain for Medical Cannabis is considered to be the key to provide confidence about the kind of Cannabis trade being carried on.
Blockchain can be used effectively to track Cannabis Strains right from the seed through the stages of its finished product. This can be effectively done by combining the (Internet of Things) by using blockchain and decentralized applications.
Pablo Coirolo, CEO of æternity Americas, stated, “We want to be the first to offer a business-level solution in partnership with leading technology providers and cannabis producers, processors and distributors.”
The blockchain technology can be effectively used to track the cannabis through the supply chain. Thus providing for consumer’s safety in complete compliance with regulations.
Uruguay, from December 2013, is the first country to have legalized Cannabis production and sale.
Eduardo Blasina, stated, “We are proud to be the first company in Uruguay that can guarantee the quality of our products in a transparent and verifiable way.”
The ability to track the Cannabis right from the seed through the completion of its growth and the supply chain is beneficial for the pharmaceutical industry as well. The consumers and the end-users will feel completely secure about using the product. This method of technology will help to improve the Cannabis production process, eventually certifying and providing for consumer safety, ensuring adherence to regulations.
Blockchain and Cannabis are becoming very much interrelated. After the crash of the ICO markets, the Cannabis industry identified the blockchain technology as one that will be useful for them to help track and validate their products.
The integrity of the CBD oil can be established only with due traceability. The FDA considers the CBD to be a supplement. Among several other issues, not checking the labels and levels of CBD can lead to inaccurate marijuana concentrations among several other problems. Transparency through the supply chain process will enable Cannabis to be an acceptable option for consumers.
Cannabis is already overtaking the market place and particularly so in areas where it has been legalized. Due to the lack of well-established tracking technologies, startups face the risk of turning away consumers and other partners from doing business with them.
When the Cannabis is within tracking, it satisfies and assures compliance with regulatory norms. Not all challenges are harmful, some already have solutions, and it is only for the users to integrate blockchain technology to track the Cannabis. Doctors need to be tracked for selling cannabis cards to those who do not have medical conditions that warrant the use of the same. Incorporating blockchain technology is the key solution to all these problems.