Blockchain Technology Integration in the Cannabis Supply Chain
FinancialBuzz.com News Commentary
According to a market research reported by IndustryARC, the blockchain market in supply chain is expected to reach $424.24 million by 2023, with a compound annual growth rate of 48.37 percent during the forecast period. A supply chain is a network between a company and its suppliers to produce and distribute products or services to the customer. Adoption of blockchain technology in the supply chain industry makes information accessible and modifiable at any node. The report indicates that enhanced transparency and immutability, improving smart contracts, increasing security concerns are factors that drive the growth of the market. BLOCKStrain Technology Corp. (TSX-V: DNAX), Leafbuyer Technologies, Inc. (OTCQB: LBUY), MassRoots, Inc. (OTCQB: MSRT), Singlepoint, Inc. (OTCQB: SING), WeedMD Inc (OTC: WDDMF)
Last year, IBM outlined the potential uses of blockchain technology in the supply chain of cannabis sales. According to the proposal: ‘Blockchain is rapidly becoming a world leading technology enabling the assured exchange of value in both digital and tangible assets, while protecting privacy and eliminating fraud. Its relevance to regulating cannabis is similar to its many chain of custody applications in areas such as pharmaceutical distribution and food chains. The core to those supply chains is the same, assuring health and safety of consumers, preventing fraud and counterfeiting while creating a foundation of transparency upon which to base regulation.’
BLOCKStrain Technology Corp. (TSX-V: DNAX) is currently listed on the TSX Venture Exchange under the ticker ”DNAX”. Last week the company announced that, ‘trading began today in shares of our company on the TSX Venture Exchange (‘TSXV’) under the stock symbol ”DNAX.”
This is a big day for our team, and is the culmination of many years of preparation and dedication to building a software company designed exclusively to meet the unique needs and challenges of the emerging cannabis industry. We have combined the best of enterprise and decentralized ledger technology to launch the first integrated blockchain platform that registers and tracks intellectual property for the cannabis sector.
BLOCKStrain offers a comprehensive, community-driven cannabis genetics registration and licensing archive platform dedicated to making it safe and comfortable for breeders and growers, large and small, to protect and release their cannabis varieties into the public domain. Our software is designed to provide verification and transparency in the marketplace in order to ensure a safe and legal pipeline of inventory between the producers and consumers.
Additionally, we designed our platform to streamline and automate the testing process for cannabis, a regulatory requirement that we expect will become more onerous once recreational marijuana becomes legal in the Canadian market. Our mission is to support the growth of this industry by providing tools that maximize efficiency and eliminate redundancies. By combining our platform with some of the largest testing labs in North America, we aim to cut administrative time and costs in half.
If you are a grower, cultivator or producer of legal cannabis, and you want to protect your intellectual property or have your product tested, we want to hear from you. We also want to hear from any and all technology companies that are interested in working with us to further innovate technology for the evolving needs of the growing cannabis industry.
To investors, we promise to work tirelessly on your behalf and for the long-term growth of BLOCKStrain, ensuring this is the best tech company in the sector, and one that provides you with a solid and sound long-term investment.’
Leafbuyer Technologies, Inc. (OTCQB: LBUY) is a leading cannabis technology platform. Last week the company announced Stellar”s open-source protocol will serve as the foundation for Leafbuyer”s Blockchain business strategy: providing uniquely developed products and services for an ever-growing base of clients. Leafbuyer Chief Technology Officer, Michael Goerner, stated, ‘Working with our partner Wunderkind LLC, we selected Stellar, as the robust network on which we are basing our Blockchain development strategy, greatly enhancing the security, trackability and transparency of transactions within our network. Stellar”s technology will provide Leafbuyer the ability to collect data and analyze patterns and trends, giving our clients greater and more in-depth insight into their business and customer interactions; which is critical to expanding both Leafbuyer and our clients” businesses.’
MassRoots, Inc. (OTCQB: MSRT) announced earlier this March that it has launched revamped mobile applications in the iOS App Store and Google Play. These mobile applications are expected to serve as a solid foundation for an updated dispensary finder and blockchain-powered utilities to incentivize user-growth and product reviews. These new features, in addition to an updated business portal, are expected to be launched in the coming weeks. ‘We believe the weeks leading up to April 20th will provide MassRoots a unique opportunity to introduce our updated platform, as well as new features, to cannabis consumers and businesses,’ stated MassRoots Chief Executive Officer, Mr. Isaac Dietrich. ‘We have spent the past several months making significant improvements in MassRoots” infrastructure, developing blockchain-powered features in our platform, and revamping our business portal. We are excited to release these updates and new features to our community and clients.’
Singlepoint, Inc. (OTCQB: SING) is a technology and investment company with a focus on acquiring companies that will benefit from the injection of growth capital and technology integration. The company portfolio includes mobile payments, ancillary cannabis services and blockchain solutions. Earlier this month the company announced subsidiary ShieldSaver has signed an agreement with CarFax to provide detailed information directly to CarFax while being able to pull data from the CarFax system to further efficiencies within the ShieldSaver mobile application. As ShieldSaver expands its infrastructure, SinglePoint will provide the expertise to begin storing data in a blockchain-based, distributed ledger with appropriate access controls to ensure that parties who need access can retrieve it in the most secure and efficient manner.
WeedMD Inc (OTC: WDDMF) a Licensed Producer under Health Canada”s Access to Cannabis for Medical Purposes Regulations (‘ACMPR’). Recently the company announced that it has announce that it has made a strategic investment in Scorpion Resources Inc., to be renamed Blockstrain Technology Corp. WeedMD will be amongst the first federally-licensed producers to initiate the integration of blockchain technology into its ecosystem. Blockstrain delivers a secure and immutable blockchain platform to establish global certainty for cannabis strains and their ownership.
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NEW YORK, May 29, 2018 /PRNewswire/ —