Medical Cannabis

BCNA CryCannabisncy from BitCanna Specifically Focuses on Payment Systems in the Cannabis Industry

BitCanna, a Dutch blockchain startup, has announced the launch of the first version of the Official BitCanna Desktop Wallet.  This is an essential milestone in the mission roadmap of BitCanna.

Bitcanna is a Trust network and supply chain for the legal cannabis industry.  It is regulated and licensed in Malta.

The BitCanna Wallet is the easiest way to handle and manage cannabis payments. Research suggests that more than 100 to 200 retailers in the US cannabis industry officially accept cryptocurrencies.

Crypto adoption can get difficult if banks are becoming very friendly towards cannabis companies.  There has been a series of legislations concerning the Cannabis industry, and banks are reluctant to provide banking services for Cannabis businesses.  Therefore, most of the transactions are cash-only in this industry.

The volatility factor associated with cryptocurrencies is one of the major reasons for why some of the Cannabis retailers are reluctant to buy cryptocurrencies for payment. However, there is a demand for payment solutions in the Cannabis industry.

BitCanna has been doing the job of combining the best of worlds in the Cannabis industry to change the way Cannabis does business eventually.  Things have been in the grey area for quite some time for the Cannabis industry.

Customers will be able to use the BCNA tokens to make purchases online and brick and mortar Cannabis outlets.  BitCanna will provide for a decentralized payment network that gives POS and master nodes rewards.

“At BitCanna, we are focused on changing the way the Cannabis industry does business. For too long, the industrial transactions have been in a grey area, both retailers and users were acting with uncertainty. BitCanna changed this, providing for an easy way to establish trust back into the market and give regulators an avenue to regulate.”

The progression of BitCanna will be taking place over three years.  Phase 1 (Q1 2017 – Q4 2019) will concentrate on the Global Payment Solution with an emphasis on regulatory compliance.  Phase 2 Supply Chain (Q1 2020- Q4 2020) will focus on integrating the main net with the supply chain layer.  Phase 3 (Q1 2021 – Q2 2021) will be concentrating on managing the trust and reputation.

The technology will be based on 5 layers like the application layer, trust and reputation layer, supply chain, immutable public digital ledger, and the core protocol.

Major players in the Cannabis industry will accept the BitCanna. To improve product safety, the BitCanna platform will be used as a supply chain solution.  The initiative is all set to sort the problems faced by the Cannabis industry in supply chain and payment systems.

 

Gemma Wilson

Gemma is a journalism graduate with keen interest in covering business news – specifically startups. She has as a keen eye for technologies and has predicted quite a few successful startups over the last couple of years.

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