Blockchain technology is a modern requirement for the cannabis industry

This post is an excerpt from our 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 at the bottom of the page to download your copy!

A blockchain-based genetic catalog of all cannabis varieties in a given market provides transparency to 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.

Why Blockchains?

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. As a result, blockchains present immutable ledgers that anyone in the world can view, and everyone can verify.

Bitcoin is largest and most trustworthy blockchain. The Bitcoin 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 to hack the Bitcoin network.

Due to this unique and clever design, Bitcoin has been the fastest-growing and best-performing global currency since its inception in 2008. The Bitcoin ledger is so trustworthy, society has parked more cash there than the market cap of PayPal or Netflix ($70B and it’s more than doubling every year). This is the most trusted data store on Earth. Providing further evidence that the Bitcoin network will continue to grow is the fact that Nexus and others are planning to launch thousands of low earth orbit cube satellites to bring wifi access and cryptocurrency to every ocean and remote corner of the globe.

Blockchains are arguably the most significant invention in computer sciences in 50 years. This is the distributed architecture required to avoid future events like the hacking of the “MJ Freeway” servers that occurred in 2017. That single event nearly shut down the cannabis industry in entire states, forcing dispensaries to use paper-based order processing for several weeks.

To provide decentralized, disaster-resistant ledgers for the cannabis industry, blockchains are a modern requirement. Any other architecture is fragile or dangerous by design.

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Download “Blockchained Cannabis DNA” White Paper

Learn more about 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.