Blockchain Technology is a Modern Requirement for the Cannabis Industry
Editor’s Note: Don’t just take anybody’s word for it. Do your own research and learn how blockchain technology works before making any significant investments into any financial or technological system.
This post is an excerpt from Medicinal Genomics Blockchained Cannabis DNA white paper, which provides an overview of how the cannabis industry can use DNA sequencing and blockchain technology to create a transparent supply chain that cultivators, dispensaries, regulators, and consumers can trust. Use the form on our website download your copy!
Since publishing that whitepaper, Medicinal Genomics has partnered with DASH, one of the largest cryptocurrencies in the world, to help realize that vision. DASH has agreed to fund improvements to our StrainSEEK® Strain Identification and Registration Service and update the UI on our strain database, Kannapedia.net. The first improvement will be storing the genetic information generated from the StrainSEEK service on the DASH blockchain, instead of the Bitcoin Blockchain. DASH’s platform allows for much faster transactions that are also less expensive.
Our hope is that this partnership with DASH will continue to grow to a point where we can create a transparent cannabis supply chain built on genetics and blockchain technology that cultivators, dispensaries, regulators, and consumers can trust.
Using Blockchain Technology to Increase Transparency
A blockchain-based genetic catalog of all cannabis varieties in a given market provides transparency in an opaque world of underground names and folklore medicine. By using blockchain technology and the StrainSEEK® strain identification and registration service, we have the unique ability to build the most comprehensive cannabis tracking system in the world that will bring patient safety, manufacturer transparency, and regulatory comfort.
Such a system is attractive to regulators because it delivers emergent incentives against diversion and counterfeiting. Blockchain-linked mobile phone applications could instantly verify legitimate material with QR code links to public strain data on Kannapedia.net.
Blockchains are global, transparent, hack-proof ledgers that are ideally suited for storing data that is valuable to many different collaborative and potentially competitive parties. Blockchains present immutable ledgers that anyone in the world can view and everyone can verify.
Bitcoin is one of the largest and most trustworthy examples of a blockchain. The Bitcoin mining network is now 100 times larger the top 500 supercomputers combined. Google’s computing power doesn’t even match this Hashing power. As a result, there is not enough computational power on the planet that would be required to hack the Bitcoin network.
Due to this unique and clever crowdsourced design, Bitcoin is one of the fastest-growing and best-performing global currencies since its inception in 2008. The Bitcoin ledger is viewed as so trustworthy that society has parked more cash there than the market cap of PayPal or Netflix. Bitcoin has an estimated value of $70B, which is more than doubling every year. This is the most trusted data store on Earth.
Blockchains are arguably one of the most significant invention in computer sciences in 50 years. They rely upon a distributed architecture that could avoid future occurrences similar to the hacking of the “MJ Freeway” servers that occurred in 2017. A single event nearly shut down the cannabis industry in several states, forcing dispensaries to use paper-based order processing for several weeks. Because blockchains provide decentralized, disaster-resistant ledgers, blockchains are a modern requirement for the cannabis industry. Any other architecture is too fragile or dangerous by design.
Editor’s Note: If you’re interested in learning more about BitCoin, I would recommend listening to Phil Ferguson, a professional fiduciary, who made a few podcasts (Part One, Part Two) about it. He explains how blockchain technology works in essence.
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About the Author
Ben is the Marketing Manager at Medicinal Genomics (MGC) and enjoys the challenge of trying to simplify the amazing science performed in the MGC lab into content for the layman. Ben also maintains Kannapedia.net and helps to organize and execute MGCs annual CannMed Conference. Prior to joining MGC Ben worked as an writer and editor. He earned his journalism degree from the University of New Hmapshire.