California cannabis farmers have been hit with one catastrophe after another
A series of fires in California over the past couple of years has done serious damage to the state’s marijuana industry. Some reports have suggested that as much as 40% of marijuana farmers have been hit by the fires and many could only stand by and watch as their entire farms went up in smoke. Making matters worse, the latest series of fires came just as harvest season was to get underway and left the farmers completely without any source of income. Insurance is just now beginning to be offered – too little, too late for the farmers. However, out of the ashes is emerging the development of one of the fastest growing technologies to make itself known in recent times – the blockchain.
The blockchain is most often associated with cryptocurrencies, since all digital currencies run on top of the immutable record. However, blockchain technology can also help the cannabis industry. The fact that the blockchain records are immutable, as well as transparent, means that growers can have a huge advantage in protecting their assets. It would allow for almost immediate audits by financial institutions and insurers, helping ease the process of recuperating losses in the wake of disasters.
In addition to helping speed up recovery, the blockchain can help protect consumers. When used in supply chains, blockchain can provide a host of data that will allow consumers to see everything about the products they’re purchasing, from growth to harvest to distribution. Just like Walmart has turned to the blockchain for its supply chain needs, the marijuana industry can rely on blockchains to help create a more efficient, more reliable infrastructure.