How Blockchain Would Change the Face of the Cannabis Industry?
After the COVID-19 pandemic, the current scenario has intensified the need for a trust-worthy supply chain management system in the cannabis industry. With growing awareness, supply chain partners and customers are demanding more information on the industry practices and products.
Blockchain, as we all know, is being adopted at a faster pace in other industries and this technology could be the next game-changing technology for the cannabis industry too.
From food safety, pharmaceuticals to the financial sector, Blockchain-powered platforms offer potential benefits to all sectors. Blockchain technology works on a digital ledger platform that records and tracks data and its information in the entire supply chain. One of the greatest benefits of this technology is its immutable nature.
The blockchain contains information in the form of ‘blocks’ and these blocks are interconnected to form a chain. A lot of transactional and product-specific information is stored along with date and time in the Blockchain digital ledger. Blockchain app development in the cannabis industry has several applications and can be used effortlessly to record and track anything.
Let’s look at the applications of this amazing technology in the cannabis industry.
Exploring the Blockchain usage in Cannabis Industry
As Blockchain benefits and applications become better known, a lot of organizations are deploying Blockchain-based programs that help to trace and track cannabis products from genome to distribution.
Blockchain and Cannabis | Debut Infotech
Over the past year, Blockchain has evolved from an ambiguous concept to one of the most talked about technologies among…
Here are some applications of how Blockchain-powered technology is benefitting the cannabis business:
1. Real-time traceability:
Blockchain’s secure and immutable nature ensures an unalterable and permanent record of information stored on the ledger and allows rapid access to the specific details in loads of information stored. With Blockchain, enterprises can instantly get full information on the product’s history and also past and present locations in the supply chain.
2. Efficiency improvement and reduction of costs:
One of the largest capital-intensive jobs in the cannabis industry is labor. Whether the labor operates in cultivation facilities, retail shops, or both, they involve a lot of unnecessary costs. Blockchain technology can reduce the tracking, reporting, auditing, and other time-consuming processes of the cannabis industry.
3. Product validation and tracking:
The cannabis industry has been long identified by street names. The greatest-related potential for the Blockchain’s decentralized nature lies with the Blockchain’s decentralized and distributed ledger lies with genetics. With Blockchain’s technology growers can protect the IP and researchers can also identify specific genetic and chemical profiles of the product being delivered.
4. Consumer confidence:
With Blockchain we can add QR codes to the cannabis product that increases transparency and provide end consumers with secure and verified product information to drive brand loyalty. Adding Blockchain technology to the cannabis industry would ensure quality assurance and consumer confidence.
5. Proof of compliance:
Many farm bills such as USDA 2018 Farm Bill have legalized Hemp cultivation and extraction but there are still many areas that need legalization and proper management for the cannabis industry to move forward. Enterprise can leverage Blockchain as a way to document activities and manage paper-work in a time-stamped method.
In conclusion, Blockchain brings a lot of benefits to the cannabis industry as mentioned above. The future of Blockchain depends upon how enterprises incorporate this ground-breaking technology in their operations. The cannabis industry is still in its development state, and Blockchain can help industry leaders to turn the challenges into future opportunities. The more cannabis enterprises participate in the incorporation, the better the industry would be.
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