It’s a fast changing world that we live in these days, since the arrival of cryptocurrencies the world has become divided on this new monetary system without trying to understand the it’s larger potential use. With recent manoeuvres seeing the G7 member, Canada moving to legalise the recreational use of cannabis by November 2018 – now see’s the country preparing to embrace blockchain technology to track the legal sale of cannabis securely.
Legalising cannabis in the country poses many challenges from distribution to regulating who buys them. Forming an active system is proving to be quite a challenge for the Canadian government as it postpones the initial plan on implement the law on July 2018 to September in the same year, to give more time for the government to draft their regulations.
Being the second country to legalise cannabis for recreational use, Canada, together with technology giant IBM, now faces a new chapter in regulating the industry.
To address such concerns, IBM proposed the use of blockchain, adequately known for its part in cryptocurrency. The multinational company is now subject of many talks in the business world as it pushes towards the utilisation of the cryptography ledger. It has dedicated plenty of efforts and workforce towards its related projects and has decided to tap the Canadian cannabis market.
The cannabis industry is not the first one to make use of the potentials of blockchains. For example, it has been widely used in pharmaceuticals to make sure that the drugs retain their integrity. Through the ledger, which makes it impossible to alter the data, buyers know if the drugs they purchase are reliable. The blockchain is also playing a significant role in the fast-growing food industry where it ensures food safety by making data on where the food comes from and the process involved in producing it transparent.
With the utilisation of blockchain, IBM reiterates the benefits regarding securing transactions. The same way it works in other industries, blockchains will prevent fraud and counterfeits as it guards the legality of all the processes involved starting from seed to growing and cultivation to distribution and consumers. It is a massive success for the industry long associated with crime and violence.
In a statement released by the Canadian Prime Minister Justin Trudeau, he emphasised on how easy it is for minors to get hold of the substance and at the same time, how illegal distributors understand all the profits and transactions. Through the secure blockchain implication; age limits, sales and taxes will be monitored.
With similar goals in mind, 420 Blockchain offers the same kind of accountability towards managing the critical elements of the industry. The 420 Blockchain app makes it possible for individual consumers not only trace where the product came from but also looking for other varieties from different distributors. It provides the government with all the essential data to regulate the new market.