Optimizing Regulatory Auditing and Compliance Within Cannabis Supply-Chains
SupplyBloc Utilizes Seed-to-Sale Methodology to Further Legitimize Cannabis Industry
The number of ways in which SupplyBloc could potentially optimize a cannabis industry supply chain are countless. One of the most immediately palpable integrations involves the creation of efficiencies in the realm of compliance and legality.
As the cannabis industry continues to grow, businesses and regulatory agencies are struggling to operate along the same lines for standards and compliance, particularly across state borders. With SupplyBloc’s implementation of the Seed-to-Sale methodology, cannabis industry participants can use blockchain technology to ensure industry and regulatory compliance at every point in their supply-chains.
Government and regulatory agencies will be able to easily track and audit every piece and participant of a cannabis supply-chain without ever having to interact with anyone face-to-face. As member of the SupplyBloc platform, these agencies will have complete access to the evenly distributed ledger that records all interactions, transactions, exchanges, and materials/products along the supply-chain. This makes it incredibly easy and efficient for inspectors to ensure total legal and regulatory compliance from seed-to-sale.
SupplyBloc’s Seed-to-Sale implementation will use a variety of RFID tags and barcodes to easily track all materials and products. Every interaction between two or more participants and materials/products will be immutably recorded on our blockchain ledger on the SupplyBloc platform. All exchanges and transactions will use smart contracts to ensure complete transparency and trackability at every point within the supply-chain.
The decentralized and transparent ledger that records all of these data points will be available to audit in real-time by all regulators and business owners alike. This will ensure that the typical inefficiencies and headaches involved with complying to constantly shifting industry and regulatory standards will be entirely eradicated and replaced with streamlined and easy-to-use technology.
Technology for Cannabis Use-Case:
Provenance is established by storing history of harvesting and transportation on a decentralized blockchain ledger.
Dedicated SC is provided which operates with emulation of required documents (emulation at backend).
Emulation of QR codes with link to information page about Cannabis history. An additional SC is provided that supports signatures with RFID marks on parties within Cannabis industry.
Cannabis Smart Contract Workflow:
Step-by-Step Description of the Cannabis Supply-Chain Operational Flow:
- The user sends the request to the SupplyBloc platform (namely, dedicated SC).
- The SC sends the SUPX to the appropriate cannabis grower.
- The grower produces cannabis which travels through the whole supply-chain. The SC as well as government and industry regulators are able to track all changes or interactions that occur within the entire supply-chain process using QR/RFID tags.
- When the process is complete in agreement with all standards and oversight, the user receives his/her cannabis product with complete knowledge of its life-cycle.
