Blockchain and cannabis industries are merging

957 0

The innovative blockchain could revolutionize cannabis supply chains

It has already been suggested that blockchain technology could help hemp farmers recover quicker after suffering a major disaster. Now, a startup in Vancouver is proposing using the immutable properties of the blockchain to assist the cannabis industry in another aspect that has seen great assistance in other industries – supply chains.

Blockstrain asserts that blockchains will help provide transparency and accountability for the cannabis industry. Robert Galarza, who serves as the company’s CEO and director, and Tommy Stephenson, the company’s CTO, founded BlockStrain after spending more than 20 years in technology development in California. They were around as The Golden State moved forward with marijuana legalization and see the blockchain as a perfect solution to help provide better accountability.

Galarza explains, “One thing we saw [with cannabis] in California was this consistent push to evolve…but the problem was that there was really zero accountability or integrity behind the infrastructure, technology, industry systems, and even the products.”

The blockchain has already received significant approval by financial institutions, retail giants (Walmart has integrated a blockchain into its supply line) and the medical industry. Given the necessity of maintaining strict data controls in the marijuana industry, it is an ideal solution to ensure consumers are protected.

From seeds to dispensaries, every aspect of the cannabis supply chain could be tracked and logged on a blockchain. It would be accessible to everyone and would provide a significant amount of reassurance to the entire ecosystem, as well as help to prevent laboratory fraud.