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Blockchain Technology Integration in the Cannabis Supply Chain
Written By: Jen Neville
May 29, 2018
According to a market research reported by IndustryARC, the blockchain market in supply chain is expected to reach $424.24 million by 2023, with a compound annual growth rate of 48.37 percent during the forecast period. A supply chain is a network between a company and its suppliers to produce and distribute products or services to the customer. Adoption of blockchain technology in the supply chain industry makes information accessible and modifiable at any node. The report indicated that enhanced transparency and immutability, improving smart contracts, increasing security concerns are factors that drive the growth of the market.
Last year, IBM had outlined the potential uses of blockchain technology in the supply chain of cannabis sales. According to the proposal:
Blockchain is rapidly becoming a world leading technology enabling the assured exchange of value in both digital and tangible assets, while protecting privacy and eliminating fraud. Its relevance to regulating cannabis is similar to its many chain of custody applications in areas such as pharmaceutical distribution and food chains. The core to those supply chains is the same, assuring health and safety of consumers, preventing fraud and counterfeiting while creating a foundation of transparency upon which to base regulation.
BLOCKStrain Technology Corp. is currently listed on the TSX Venture Exchange under the ticker ‘DNAX’. Last week the company announced that, “trading began today in shares of our company on the TSX Venture Exchange under the stock symbol ‘DNAX.’
This was a big day for their team, and is the culmination of many years of preparation and dedication to building a software company designed exclusively to meet the unique needs and challenges of the emerging cannabis industry. They combined the best of enterprise and decentralized ledger technology to launch the first integrated blockchain platform that registers and tracks intellectual property for the cannabis sector.
BLOCKStrain offers a comprehensive, community-driven cannabis genetics registration and licensing archive platform dedicated to making it safe and comfortable for breeders and growers, large and small, to protect and release their cannabis varieties into the public domain. The software is designed to provide verification and transparency in the marketplace in order to ensure a safe and legal pipeline of inventory between the producers and consumers.
Additionally,the platform was designed to streamline and automate the testing process for cannabis, a regulatory requirement that they expect will become more onerous once recreational marijuana becomes legal in the Canadian market. The mission is to support the growth of the industry by providing tools that maximize efficiency and eliminate redundancies. By combining the platform with some of the largest testing labs in North America, they aim to cut administrative time and costs in half.