The future seems to be entirely blockchain. Countries like Canada are just now legalizing marijuana and the frenzy is already through the roof. One of the more interesting bits is that a blockchain company is developing a marijuana blockchain supply chain.
Seeking Alpha reports that the move is a joint partnership between DMG Blockchain and IBM Canada. As per the report, the blockchain solution will manage the global supply chain for regulated cannabis products. In the first year, DMG Blockchain expects to spend C$3 million in developing the platform. Additionally, the company projects a further C$10 million cost over the next three years in hiring requisite personnel.
The blockchain industry is a godsend for the marijuana industry. Initially, before talks of legalization in Canada, marijuana was quite a risky venture. Not even banks were willing to support such business. However, the coming of blockchain availed a whole new world of opportunities for the industry.
According to a report by Smartereum, DMG is targeting the impending legalization of the product. The firm intends to avail a supply chain that is within the confines of the law. Also, it will work closely with quality assurance labs to ascertain the suitability of products.
In essence, the platform will facilitate improved monitoring of products on transit. According to DMG Blockchain CEO, Dan Reitzik the system will enable the recalling of defective products and legacy systems. “The upcoming cannabis industry requires the kind of product management solutions that can only be fully provided by blockchain technology,” Reitzik adds.
Already, blockchain is improving the supply of food in the agricultural sector. At the center of blockchain solutions for that industry is again IBM. Basically, the company developed a blockchain network that tracks the movement of food products from the farmer to the plate. Dubbed Food Trust, the solution so far connects thousands of stakeholders while many more are hoping to join in the coming years.
The marijuana blockchain supply chain may not be a case in isolation. There are huge companies already (like Walmart) developing their own systems to ascertain the integrity of products they sell.
