When you hear the term “Bitcoin,” what do you think? What about “blockchain” or “cryptocurrency?” You’re probably imagining some person sitting in their parent’s basement, sweating profusely as they look at charts and graphs like they’re day traders. And in some instances, you might not be wrong. In truth, though, blockchain technology represents an opportunity for the cannabis industry.
Blockchain presents many benefits and opportunities associated with a lack of central banking:
- All paperwork associated with normal banking is eliminated.
- Blockchain ledgers don’t depend on a central bank to secure the integrity of the information being exchanged.
- Little to no human capital is required required to verify, account, and document exchanges. This can all be handled via computers.
- Since a bank is not required to serve as the provider of security, there is no scrutiny above your business.
Now I see your eyes glazing over. You’ve heard this pitch before. Snoop Dogg’s doing a cryptocurrency for weed. There’s HempCoin, Paragon, CannabisCoin, Tokes, and many, many more. And they all have the same problems that every other cryptocurrency (or crypto for short) has. They’re not particularly useful for day-to-day interactions, particularly dispensary to customer interactions, due to the time delay involved in cryptocurrency mining. Cryptos are also not very easy to translate between real-world money such as USD and back and forth, and they’re often simply used by speculators as investment vehicles. Additionally, cryptos require some kind of computer integration with your POS systems to make it feasible.
And that’s where an opportunity lies. Packaging this technology into a system that’s easy to integrate and participate in is critical. Using a crypto that is not vulnerable to the volatility of trading like other larger cryptos, such as BitCoin, adds value to the crypto as an actual currency, instead of acting as an investment vehicle for day traders.
So how do we do that? How can we get around these systemic problems?
Instead of creating a new cryptocurrency and new rules, the solution lies in building new layers of features on top of the foundation provided by the larger cryptocurrencies in the industry. Cybrswype, recently admitted to the Growers Network, is educating and bringing awareness to the benefits of blockchain and how it can help free cannabis from the looming wrath of regulators. As a blockchain company, Cybrswype is keeping the narrative alive, not selling a new crypto with new promises. Blockchain is one of the most secure, transparent and immutable technologies in existence, and can make cannabis cashless, and financially legal on a federal level. Based out of Dallas, Cybrswype aims to bring blockchain technology to cannabis in an easy package through education, so that people can understand how misunderstood that technology and how it can be extremely beneficial to the multi billion dollar and growing US cannabis industry.
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About the Author
CybrSwype is an alternate and progressive financial communication network for People, Merchants, and Banks.