- Blockchain technology creates open, distributed, indisputable record
- BLOCKStrain creates first blockchain platform for cannabis industry
- Cannabis industry forecast to quadruple in size over next decade
Clearly, blockchain isn’t just about bitcoin anymore. Originally created as the foundational platform for the cryptocurrency world, blockchain technology is an open, distributed ledger that keeps an ongoing, ordered record of transactions and movements between two parties. The data within the network is shared with full transparency between everyone in the community, and, because that information is replicated across thousands —even millions — of computers, it is fraud and mistake proof, creating an unprecedented level of trust.
Those words — open, transparent, trustworthy, fraud proof — are ones that any company would like to claim, and BLOCKStrain Technology Corp. (TSX.V: DNAX) does just that. BLOCKStrain provides the first integrated blockchain platform that registers and tracks intellectual property for the cannabis industry.
This pioneering effort has not gone unnoticed in an industry that’s expected to explode in the next decade. One report indicates that by 2027, the legal cannabis industry in North America will grow from $9.2 billion last year to approximately $47.3 billion, with $57 billion being spent worldwide (http://cnw.fm/3Vm4Q).
The chance to be part of this lucrative market presents an irresistible opportunity, and BLOCKStrain offers the ability to register and track cannabis intellectual property (IP) from “genome to sale,” providing unprecedented benefits to everyone involved, from the cultivation and processing to the sale and use of the plant.
Using BLOCKStrain, growers can identify and protect the different strains of cannabis they develop, establishing irrevocable rights to their valuable IP. The BLOCKStrain platform then simplifies genetic and quality-control testing for legal cannabis, cutting the administrative time and expense in half while accurately tracking all aspects of quality control.
It’s not all about tracking, though. Currently, growing and manufacturing facilities are not inspected, making it difficult —even impossible — to ensure high quality and regulatory compliance. BLOCKStrain is committed to solving that problem, as well. Cannabis producers can test product samples and submit the lab results to BLOCKStrain. Each submission is recorded on the BLOCKStrain platform, allowing everyone along the cannabis supply chain, from producers to consumers, to verify the results.
The platform also records reviews, opinions, sales, transactions and other movement along the way, and no transaction can be tampered with, allowing for complete trust in an industry that’s not traditionally recognized in that way.
BLOCKStrain’s proprietary, immutable, secure blockchain technology establishes a single source of trust for cannabis strains’ ownership, potency and chemical makeup. In a billion-dollar industry slated for stunning growth in the coming years, those could be the words that make a business stand out from the competition.
For more information, visit the company’s website at www.BLOCKStrain.io
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