Cannabis supply chains can benefit greatly from blockchain technology
As the benefits of blockchains continue to be explored, one area that can definitely be improved from the technology is with supply chains. Blockchains have the ability to create permanent, immutable records that can be made available to everyone or a subset of individuals, depending on the situation, and which can help ensure the properties of any product are exactly as they should be. The cannabis industry, in particular, can benefit from blockchain technology and a partnership is now making it possible.
Mile High Labs has partnered with Chain.io to bring the blockchain to cannabis supply chains. The technology will add a level of transparency to cannabis supply chains, giving consumers access to data such as where their products are grown, how they were transported and how they have been handled.
According to the CEO of Mile High Labs, Jason Roth, “Mile High Labs is providing concrete, factual answers to some of the most prevalent questions that CBD consumers have: ‘Where does my CBD come from? What’s in it?’ In an ever-evolving regulatory landscape, our advanced supply chain protects the integrity of our brand and products.”
He adds, “The rising popularity of CBD has been seen by some as an opportunity to capitalize on a lack of knowledge and regulations. As a result, our industry is at risk of bad actors. These major developments in the Mile High Labs Supply Chain represent our steadfast commitment not only to safety and transparency but to the technological and regulatory advancement of the entire industry.”
It’s a win-win situation for the cannabis industry and for blockchains. The cannabis industry can help prove the incredible benefits of integrating blockchain technology into workflow processes and the blockchain can help the cannabis industry better protect consumers.