Displaying items by tag: Blockchain Solutions
- Rapid, real-time traceability and tracking.
Blockchain’s secure technology ensures an accurate, permanent record, but it also allows rapid access to specific details within the large amounts of stored information. With blockchain, businesses can instantly get a specific product’s full history and access present and past locations in the supply chain. In a seed-to-sale tracking system, all cannabis seedlings would be given a unique identifier and registered in a manifest. Plants are tracked through the entire supply chain, allowing regulators to identify cannabis products along with attributes such as seed origin, plant strain, and supply chain transaction history. Plant strain DNA could also be a key attribute tracked through this system. This real-time record keeping aids in preventing diversion with the illegal market, facilitating prosecution of illegal diversion, and enabling rapid product recalls. It would also ensure that medical and recreational cannabis products are kept apart throughout their life-cycle.
- Improved efficiency and reduced costs.
Few people understand how massive the Cannabis industry has become. As lawmakers in the U.S. and Canada are pushing for decriminalization, the industry now employs more than 250,000 people. That’s about five times the amount of U.S. coal miners. Labor remains one of the largest expenses for cannabis businesses, whether they operate cultivation facilities, retail shops or both. Blockchain can streamline time-consuming tracking, reporting and auditing, and eventually reduce the need for staff and oversight related to those functions.
- Product validation and standardization.
Cannabis has long been identified primarily by street names. Under blockchain-powered programs, genetic cultivar information could be collected, registered, tested and published through the secure, permanent infrastructure blockchain provides.
- Consumer confidence.
Blockchain-powered scannable codes and other technologies can increase transparency and provide end consumers with secure, verified product identification and information to drive confidence and brand loyalty.
Tampa, FL— April 1, 2020— BlockSpaces, a blockchain and distributed ledger focused product development company, announced today that Co-Founder/CEO Rosa Shores and Chief Technology Officer Chris Tyler will be participating in a COVID-19 Best Practice webinar on April 6, 2020, titled “COVID-19 Best Practices: Blockchain, cybersecurity, and managing liquidity”. The webinar event, hosted by FloridaMakes, in partnership with Bay Area Manufacturers Association, will give a blockchain overview as well as discuss some of the supply chain challenges faced during the COVID19 outbreak. The talk will focus on specific blockchain solutions, and how blockchain can be instrumental in impacting global supply chain resilience.