Could Blockchain Help the Cannabis Industry? We’re About to Find Out
Blockchain at times can feel like a very large, very inchoate Rube Goldberg machine. The security advantages of decentralization and encryption for sensitive data are obvious, but why employ a “peer-to-peer distributed ledger” to record simple or mundane tasks unlikely to be targets of hackers or other malfeasance? Because it’s cool — or because it’s cool and it works, in the case of the blockchain-based tracking solution soon to be employed by Montevideo-based cannabis company Uruguay Can.
Blockchain has many fans in the drug policy reform world for the very simple reason that, until quite recently, blockchain was a viable technique to mask drug transactions from authorities. (It was not for the cool factor that Bitcoin was Silk Road’s coin of the realm.) Blockchain may yet be the bedrock on which solutions to the American cannabis industry’s banking woes are built (though it’s more likely that big centralized banks will start taking cannabis business accounts first).
In the meantime, blockchain’s value as a tracking tool will be tested by Aeternity, which announced on September 25 that it would be creating a blockchain-based “supply chain management platform” for Uruguay Can, which producers both medical and recreational cannabis.
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Source: observer.com
