Technology has brought numerous changes in all industries and also in personal life. The blockchain is that digital infrastructure that is making it possible for cryptocurrencies such as Bitcoin to exist and be operational. Blockchain has been very helpful to people who do not trust each other in business because the platform keeps all records of transactions without leaving room for falsification. It is secure, and when one has important accounts such as health, bank or immigration records, they will feel safe from cyber insecurities. Blockchain allows people to eliminate third parties and this reduces the cost of transactions and also improve the speed in which the business gets settled.
Many investors including cryptography experts and computer programmers believe and trust in the success of blockchain, which is one thing that is making it increasingly popular. While blockchain is still an early technology, the cannabis industry is seeing a bright future that might blossom from this new technology. It is hard to understand why weed companies would embrace blockchain but here is a detailed insight that might unravel the mystery.
Blockchain Brings Transparency That Is Required In the Cannabis Industry
Cannabis companies can rely on cryptocurrencies to store and move money without encountering any problem because cryptocurrencies have a great association with blockchain. Many banks do not like working closely with cannabis dealers because selling weed is still illegal in some states. Using blockchain to receive and transfer money in the marijuana business makes everything easier for these companies because now they can operate away from banks regulations. The developers of cryptocurrencies did not develop this technology to help people solve their obscene cryptographic problems. Sean Seshadri is a financial consultant who believes on the transparency that comes with blockchain in association with cryptography and would recommend every industry to embrace the solutions brought by these technologies. However, this will not stop cannabis companies from using the platform to transfer money and enjoy the transparency that comes with it.
Cannabis Companies Hopes for the Legalization of Cannabis
Some investors are hoping that these platforms can help legalize cannabis and enable people to donate to the industry without fear. Despite that weed is still illegal in some states, cannabis has been used in the health sector for a long time to prevent and treat some illnesses such as mental disorders. Therefore, if people can use blockchain to buy and sell cannabis, the platform will keep track of all records, and this will curb illegal businesses involving cannabis. Cannabis companies can be allowed to use blockchain and then allow the authorities to control the use of cannabis by accessing these companies’ records and trace whether they are selling the weed for the right use or to the right people. This might lead to cannabis legalization as long these companies abide by the rules and regulations put in place.
Cannabis is very International
It doesn’t matter whether some countries have legalized cannabis or not, but the fact is that cannabis gets sold to its consumers every day across the world. Blockchain in association with cryptocurrency provides a safe system that will monitor growth and distribution of cannabis in the industry. The transparency involved allows the farmers and labs that carry out verification of cannabis to instill confidence in consumers regardless of where it’s coming from. Countries such as Canada are considering to legalize weed and availability of blockchain cannabis companies will make the process a whole lot easier.
By using blockchain in the cannabis industry, it will enable the sector to operate like any other industry because now they have an enabling infrastructure to carry out their operations. The good thing is that every step involved in developing this system is made with a mindset of improving the quality of cannabis but not its misuse. In return, these companies will earn huge revenues, and it is possible that eventually an international body may get established from this progress. It is good that the cannabis industry is considering the use of blockchain solutions since it will put the international business infrastructure for this sector to a better place.
