Thursday, September 28, 2023
Cannabis News Daily
No Result
View All Result
  • Home
  • Cannabis News
  • Medical Marijuana
  • Legalization
  • Cannabis Business
  • Cannabis Laws
  • Cannabis Retail
No Result
View All Result
  • Home
  • Cannabis News
  • Medical Marijuana
  • Legalization
  • Cannabis Business
  • Cannabis Laws
  • Cannabis Retail
No Result
View All Result
Cannabis News Daily
No Result
View All Result
Home Cannabis News

Can blockchain provide the cannabis industry with credible traceability and validity?

cannabisnews by cannabisnews
November 17, 2021
in Cannabis News
0
Can blockchain provide the cannabis industry with credible traceability and validity?
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


Breadcrumb Trail Links

  1. Small Business
  2. Experts
  3. Business

Opinion: “With big business always comes a demand for more thorough records.”

Author of the article:

Robert Galarza  •  CEO

Publishing date:

Nov 17, 2021  •  24 minutes ago  •  3 minute read  •  Join the conversation

Blockchain is unique in that the data written within it is reproduced identically across the systems of everyone involved in a project, thereby creating peerless traceability that the cannabis industry needs as it moves into broader legalization around the world.
Blockchain is unique in that the data written within it is reproduced identically across the systems of everyone involved in a project, thereby creating peerless traceability that the cannabis industry needs as it moves into broader legalization around the world. Photo by Getty Images

Article content

Decades of needless prohibition have done a number on recordkeeping within the cannabis industry.

Advertisement

This advertisement has not loaded yet, but your article continues below.

Article content

Coming out of a lengthy period where records ranged from haphazard to discouraged, industry leaders must adapt best practices in what has already become big business.

With big business always comes a demand for more thorough records, whether today for internal and tax accountability or tomorrow for investors, IPOs, mergers, acquisitions, and more. And while the transition from hidden or memorized information, to scattered spreadsheets and finally more onto comprehensive computer databases and exhaustive records has been a great leap forward for cannabis professionals, the value, sensitivity and variability of the product makes the validity and traceability of every single interaction an absolute must.

Enter blockchain. Developed to secure and confirm cryptographically secure financial transactions, blockchain is a revolutionary digital ledger system that has swiftly moved beyond the dark web and cryptocurrency to the light of mainstream recordkeeping for industries ranging from finance to entertainment.

Business leaders worldwide have started a move towards blockchain, which has become a gold standard for secure and verifiable recordkeeping. This new technology is built from the ground up to prove and protect the authenticity of every transaction it monitors, and is a perfect solution to tackle the problem of cannabis accountability. Armed with blockchain technology, cannabis executives can ensure their business transactions are always verified and their interactions unassailable, all without changing the way they do business.

Advertisement

This advertisement has not loaded yet, but your article continues below.

Article content

Blockchain is an online ledger that records data chronologically into a sequence (chain) of secure packets (blocks). Each block has its own complex hash to keep it safe from intrusion and tampering, and the ledger as a whole is reproduced in its entirety on the system of everyone involved in the operation. Any attempt to alter the data on any block is immediately brought to the attention of anyone with a copy of the ledger, making it impossible to tamper with records. These features combined together create an unparalleled structure for ensuring security, transparency, and traceability, giving all stakeholders equal visibility and authority over a shared project.

Blockchain is unique in that the data written within it is reproduced identically across the systems of everyone involved in a project, thereby creating peerless traceability that the cannabis industry needs as it moves into broader legalization around the world. Any new development in the blockchain is immediately known to everyone involved, with full visibility into who made what changes, and when. Thus every procedural step within a cannabis business, from seed to sale and beyond, could leave behind a clear and distinct record that is verifiable at all levels of the operation. Anyone looking to pull up the record of a particular step in a business endeavor of any length need only look in the blockchain and be assured the task is accurately recorded.

Advertisement

This advertisement has not loaded yet, but your article continues below.

Article content

Because blockchain is transparent and secure, it provides the cannabis industry with validity at every level. Tampering with records without getting caught becomes impossible, supercharging the security and trustworthiness of an industry that remained underground until just years ago, providing a quantum leap in the reliability that the industry needs in order to transition to prosperity beyond where it currently operates. Cannabis business leaders can operate in a broader commercial marketplace such as applying for loans or even consider going public with the confidence that their recordkeeping is above reproach.

Blockchain’s unique combination of validity and traceability opens up a whole world of possibilities for businesses, both in the cannabis industry and beyond. Entire product pipelines can be automated, and blockchain-powered Smart Contracts can provide automatic payments whenever a stakeholder does their part within the supply chain. And this is only one example of the unique way blockchain can make the cannabis industry more efficient and future-proof, using blockchain to ensure that everyone is equally informed of all developments and that all data is both accurately recorded and secured.

Robert Galarza is Chief Executive Officer of Toronto-based software company, TruTrace Technologies .

We apologize, but this video has failed to load.

Subscribe to   Weekend Dispensary , a new weekly newsletter from The GrowthOp.

Share this article in your social network

Advertisement

This advertisement has not loaded yet, but your article continues below.

Regina Leader Post Headline News logo

Regina Leader Post Headline News

Sign up to receive daily headline news from Regina Leader-Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Thanks for signing up!

A welcome email is on its way. If you don’t see it, please check your junk folder.

The next issue of Regina Leader Post Headline News will soon be in your inbox.

We encountered an issue signing you up. Please try again

Comments

Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.



Source link

RELATED POSTS

Hemp heals? Study finds cannabis can treat inflammation – Study Finds

In Europe's cannabis market, Morocco faces stiff competition from … – Al-Monitor

ShareTweetPin
cannabisnews

cannabisnews

Related Posts

Cannabis panel rejects Curaleaf's bid to continue selling … – New Jersey Monitor

Hemp heals? Study finds cannabis can treat inflammation – Study Finds

by cannabisnews
September 3, 2023
0

Hemp heals? Study finds cannabis can treat inflammation  Study Finds Source link

Cannabis panel rejects Curaleaf's bid to continue selling … – New Jersey Monitor

In Europe's cannabis market, Morocco faces stiff competition from … – Al-Monitor

by cannabisnews
September 3, 2023
0

In Europe's cannabis market, Morocco faces stiff competition from ...  Al-Monitor Source link

Cannabis panel rejects Curaleaf's bid to continue selling … – New Jersey Monitor

Huge cannabis factory with £300,000 of drugs found inside old constitutional club – Wales Online

by cannabisnews
September 3, 2023
0

Huge cannabis factory with £300,000 of drugs found inside old constitutional club  Wales Online Source link

Cannabis panel rejects Curaleaf's bid to continue selling … – New Jersey Monitor

At which dose does cannabis become toxic to kids? | Latest news for … – MIMS

by cannabisnews
September 2, 2023
0

At which dose does cannabis become toxic to kids? | Latest news for ...  MIMS Source link

Cannabis panel rejects Curaleaf's bid to continue selling … – New Jersey Monitor

Many people think cannabis smoke is harmless. Here’s how how that belief can put health at risk – PBS NewsHour

by cannabisnews
September 2, 2023
0

Many people think cannabis smoke is harmless. Here’s how how that belief can put health at risk  PBS NewsHour ...

Next Post
Proposed medical marijuana law would expand capacity

Proposed medical marijuana law would expand capacity

Kentucky Lawmakers, Just Legalize Marijuana Already

Kentucky Lawmakers, Just Legalize Marijuana Already

RECOMMENDED

Cannabis panel rejects Curaleaf's bid to continue selling … – New Jersey Monitor

Marijuana legalization | NC congressman introduces 'Stop Pot Act' to curb recreational weed use – WTVD-TV

September 4, 2023
Cannabis panel rejects Curaleaf's bid to continue selling … – New Jersey Monitor

Medical marijuana companies slam Hochul over NY's legal weed rollout mess: 'Abused authority' – New York Post

September 3, 2023
  • 22M Fans
  • 129 Followers
  • 194k Subscribers
  • 647 Followers
  • 23.8k Followers

MOST VIEWED

  • US Hemp and Cannabis Industry Leaders to Participate with Government at Event Celebrating New Legalization In Costa Rica

    US Hemp and Cannabis Industry Leaders to Participate with Government at Event Celebrating New Legalization In Costa Rica

    0 shares
    Share 0 Tweet 0
  • Oklahoma Cannabis Pioneer Joins Forces with Budding Cannabis Brand Ganja Goat Guru

    1 shares
    Share 0 Tweet 0
  • New Jersey Begins Accepting Recreational Cannabis License Applications: When Will Dispensaries Open?

    0 shares
    Share 0 Tweet 0
  • Federal Marijuana Legalization Bill May Receive House Floor Vote Next Week, Sources Say

    0 shares
    Share 0 Tweet 0
  • Legalizing recreational marijuana in Florida

    0 shares
    Share 0 Tweet 0

Recent News

Cannabis panel rejects Curaleaf's bid to continue selling … – New Jersey Monitor

Marijuana legalization | NC congressman introduces 'Stop Pot Act' to curb recreational weed use – WTVD-TV

September 4, 2023
Cannabis panel rejects Curaleaf's bid to continue selling … – New Jersey Monitor

Medical marijuana companies slam Hochul over NY's legal weed rollout mess: 'Abused authority' – New York Post

September 3, 2023
Cannabis panel rejects Curaleaf's bid to continue selling … – New Jersey Monitor

Flashpoint: Michigan marijuana businesses blooming, UAW contract … – WDIV ClickOnDetroit

September 3, 2023

CATEGORY

  • Cannabis Business
  • Cannabis Laws
  • Cannabis News
  • Cannabis Retail
  • Legalization
  • Medical Marijuana

Contact Us

  • Privacy & Policy
  • About Us
  • Contact Us

© 2021 Copyright Cannabis News Daily

No Result
View All Result
  • Home
  • Cannabis News
  • Medical Marijuana
  • Legalization
  • Cannabis Business
  • Cannabis Laws
  • Cannabis Retail

© 2021 Copyright Cannabis News Daily