Blockstrain Technology (TSXV: DNAX) (OTC: BKKSF) has decided to change its name to TruTrace Technologies.

Blockstrain is a Vancouver-based software company which is building a blockchain-based platform for the cannabis industry.

Why Name Change

CEO Robert Galarza says that the name change reflects “our maturity as a company. He states that they “have developed an end-to-end enterprise software solution and wanted our branding to capture the full breadth of who we are and what we do.”

“We strongly believe in the value that blockchain provides in areas of security, transparency and intellectual property protection, and it still serves as a core feature of our platform,” Galarza states.

“As we continue expanding our cannabis-focused functionality and exploring opportunities in other industries, we can do so with the confidence of a brand name that better communicates what makes us different,” Galarza notes.

The name change is subject to TSX Venture Exchange approval.

Blockchain Cannabis Platform

Blockstrain has developed the first integrated blockchain platform to register and track intellectual property in the cannabis industry. This technology allows cannabis growers and breeders to identify and secure rights to their intellectual property. It also streamlines the administrative process and reduces the costs of genetic and mandatory quality-control testing for legal cannabis.

BLOCKStrain’s technology is immutable and cryptographically secure that establishes a single-source, accurate, validated, and permanent account for cannabis strains from ownership to market.

Over the coming months, the company is transitioning into its core platform into StrainSecure for improved security and transparency for producers, regulators and consumers.