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Cannabis and blockchain … those are two glowing words right now that they shot on Wall Street.
And with good reason. Both industries are destined for massive booms in the not too distant future.
So, what would happen if they collaborated?
If you're thinking it looks like a joint venture made in paradise …
See, blockchain has the ability to boost the cannabis industry in ways you might not expect – and countries like Canada (where # 39; recreational use will soon become legal) are already studying the problem.
But to understand how these two industries are willing to cooperate, we cover first of all what is blockchain.
With Blockchain, The Middleman Is Gone
I recently read an intelligent metaphor that helps to clarify this complicated technique: Think of the blockchain as Google Docs (I'm writing about!).
In the old days before Google Docs, collaborating on an article was a bit difficult.
You would have used a program like Microsoft Word to edit your piece. So save the file, send it to someone and ask them to edit it.
After that, you would be sitting at your desk, clicking the pen bored while waiting for the changes to be made, saved and sent
Life was hard.
Cue Google docs, which allows multiple people to view and edit a single document at the same time. Hooray!
Now think of most databases like Microsoft Word. Only one person can make changes at a time and block other people's changes until they are finished.
Blockchain, on the other hand, instantly updates the changes of all users, which everyone can immediately see and verify.
The intermediary has disappeared!
And this is the idea behind the superpower of "decentralization" of Blockchain. No central entity has the information. Instead, data is stored on numerous computers and protected by encryption.
This has the power to revolutionize some areas that could immediately be thought of: banks, health care, even voting.
But it also has the power to revolutionize some surprising industries … like cannabis. And this is huge.
Adding a level of security to the pottery industry
You may already have an idea of the huge potential of the marijuana industry alone. As I wrote last week, it's "on the edge of a boom of 4.067% – and the excitement about it has been growing for a while now that the strong institutional money is flowing , is the ideal time to enter. "
Well, there is another element besides the institutional money that tells me that this market is bound to rise higher. And this is blockchain.
See, blockchain can facilitate growth here with something called "seed-to-sale tracking". In other words, this technology is a supply management tool that allows users to share and track the history of a product life cycle.
It is something that our encrypted expert, Ian King, referred to when he called blockchain "the Holy Grail for food security" a few months ago. By making transactions immediately traceable and transparent, blockchain can stop the disease transmitted by food in its path.
Now think of that technology applied to tracing the cycle of a cannabis bud.
Has the ability to provide complete transparency on the type of strain used, including where the crop was harvested and how it was distributed. This background information ultimately offers much more powerful information on the power of the product, the benefits and the general effects on the human body.
This provides tremendous value to this product, helping research efforts in different uses and adding a level of security to the industry in general.
A Dream Team Industry Mash-Up
As more countries and states legalize recreational (or simply medicinal) marijuana, governments will look at this technology much more.
Already, Canada is examining blockchain as a monitoring solution.
According to the recent Cannabis Act, Canadians will be able to purchase and use cannabis legally as of October 17th. Part of this law allows the Canadian health department to create a national monitoring system to safeguard the market and observe sales. [19659002] Of course, concerns have been raised about customer privacy, but blockchain provides a secure platform that verifies data without revealing consumer information. [1 9659002] This is the perfect solution, and emphasizes only because the experts project the blockchain industry to climb 77.400% when it explodes from a $ 4 billion to $ 3.1 trillion market.
Any company that can draw on the dream team's mash-up industry is set to skyrocket.
To find out how to start profiting directly from the blockchain industry and position yourself perfectly to take advantage of this possible team-up, click here
See you next week.
Sincerely,
Jessica Cohn-Kleinberg
Managing Editor, Banyan Hill Publishing
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