Crypto-Cannabis: Blockchain and The Cannabis Supply Chain
CannaLance is curious about Cryptocurrency and the cannabis industry. The two appear to be merging together to create a solution to the federal government and other governments issues and concerns about using the current monetary system for cannabis. Since these governments seem to want to play and delay people came up with another way.
IBM recently pitched Blockchain for cannabis sales. Blockchain according to IBM would be an ideal mechanism for capturing the history of cannabis from supplier to buyer and everywhere in between. In an essence, it’s the ultimate seed to sale currency platform.
Recording across multiple computers Blockchain uses technology as a ledger to record transactions that are unable to be altered without extensive know-how. As an example when logging into Blockchain you’ll have a wallet ID and password which you set up when opening your wallet.
You can then take an extra security measure in which before logging in SMS code is sent to your mobile device for verification. Blockchain works with the digital cryptocurrencies Bitcoin and Ether.
The cryptocurrency Bitcoin has skyrocketed over the last two weeks. On November 13th Bitcoin was sitting at just below $6,000 per coin. As of today, November 21st, 2017, one single bitcoin is worth $8181.68
The market for Bitcoin is uncertain depending on who you speak to. If you factor in IBM pitching Blockchain, which uses Bitcoin, for the Cannabis industry and Square working with using the services of Blockchain for certain customers it looks like the continued spike in the value of Bitcoin is showing no signs of a slowdown.
One thing is for sure. Cannabis is still illegal on the federal level in the United States of America. When you have a cannabis business you’re not allowed to use banks or even advertise like normal businesses. This means marketing companies, financial institutions, and more are missing out on a billion dollar industry.
An industry which is setting up a new form of currency, seed to sale platforms, and a culture that will simply stop utilizing the federal government and monetary or lack of monetary resources they offer. The cannabis community and culture itself can raise more funds than the federal government.
Canada is moving towards adult legalization of cannabis, Israel is setting up legislature to export cannabis globally, and other countries around the world are legalizing and decriminalizing this incredible plant. Cryptocurrency may just be the answer this budding industry needs.
CannaLance would love to hear your thoughts on cannabis and cryptocurrency. How do you feel about Blockchain? Do you think IBM is on point with this suggestion? We’re proud to offer our clients and customers the option of purchasing our services using cryptocurrency.