Medical Technology

Cannabis Companies are Using Blockchain Technology to Establish the Trust Factor

Increasing Numbers of Marijuana companies are taking to the blockchain technology. Several Cannabis companies are using technology in a variety of ways.  Even those people who do not trust anything put their trust in blockchain technology. Cannabis companies are using blockchain technology to establish a trust factor.

Why Cannabis Companies need Blockchain?

For instance, consider the situation below:

Newer strains of mold-resistant Marijuana are out in the market. Jared Cox, on January 01, 2020, published the details of the strains, the strain breeder, the sex and the yield, and the details for buying the seed for the new strain.

The names of the 20 Marijuana strains are: 1. The New.  2.  Rare Hindu.  3.  Wedding Flowers.  4. Mamacita’s Cookies.  5.  South Plant.  6.  Strawberry Cane.  7.  Quick Gorilla.  8.  Terra Italia CBD.  9.  Tropicanna Banana.  10.  Black Cherry Punch.     Regular new strains, according to the report, are 1. New Order.  2.  God Lemon.  3.  Nerds OG.  4.  Chapita de Michoacan.  5.  Tangie Cookies.  6. Auto New Strains 2020 – Purple Lemonade Auto.  7.  Fro-Yo Auto.  8.  Auto Kong 9.  Cosmic Bomb Auto 10. Ogre auto.

The seeds got sold in compliance with the law and without support for any illegal activities.

Cannabis Strains Blockchain Technology to Avoid Mixing of Strains

When reading the above publication, it is obvious there are too many strains and newer ones coming out each day. When a customer orders a strain, and the same is passed on to the customer.  In the absence of blockchain technology, the end customer has to place blind-trust on the sender. And, believe that what is got is what he/she ordered for.

However, when the blockchain technology is integrated into the entire system right from the procurement of the seed through growth, lab testing, grading, distribution, and finally, through retail sales, the end customer has sufficient assurance. Anyone will be able to independently verify the passage of the strain through different hands and locations, thus providing for accuracy of strain delivery.

The record-keeping is secure without the need for a trusted third party to do it.  It is not easy for all parties to trust each other. And most people do not place the trust factor very quickly.  Escrow agents are required to ensure trust.  The whole idea of the blockchain industry is to facilitate something like the Escrow system on the immutable distributed ledger to track the transactions.

The common usage of BlockchainBlockchain is cryptocurrency.  Blockchain can do a lot of things than just tracking money and cryptocurrency. Tracking Cannabis through phases is one of the significant jobs of Cannabis Blockchain Technology.

 

Sally Anderson

Sally is a Masters in Business Administration by education. After completing her post-graduation, Sally jumped the journalism bandwagon as a freelance journalist. Soon after that she landed a job of reporter and has been climbing the news industry ladder ever since to reach the post of editor.

Recent Posts

Highlights from Kahner Global’s Cannabis & Psychedelics Investment Summit in New York City

Kahner Global’s Cannabis & Psychedelics Investment Summit Series is the leading and longest-running investor education…

3 months ago

According to Leafly, cannabis is America’s 6th most valuable crop in 2022

The 2nd Annual Leafly Cannabis Harvest Report values legal cannabis at $5 Billion, surpassing potatoes or…

3 months ago

With a trip to San Francisco’s first smart shop, it’s never been easier to get (some) psychedelics

In September, the San Francisco Board of Supervisors passed a unanimous resolution to decriminalize psychedelic…

3 months ago

Jewish Israelis smoke weed without fear. Their Palestinian neighbors face harsh penalties.

Illustration: Ricardo Santos for The Intercept In bars and cafes across Israel, the air is…

3 months ago

Millions of Americans to cast votes for cannabis legalization on election day

If voters approve these five new measures, approximately half of all US residents will reside…

3 months ago

Safe Harbor Financial acquires Abaca for $30 million

˗           Acquisition adds over 300 accounts and expanded financial institution relationships ˗          Upon closing, will increase Safe…

3 months ago

This website uses cookies.