Ethan More
August 26, 2022
The blockchain technology is a promising way to improve the cannabis supply chain, and several cryptocurrency-based companies are already on the scene. But there are more benefits to blockchain than just being a money-making tool, as blockchains also facilitate medical research and improve medical records. One of the key benefits is that cryptocurrencies can be used to track patient data, the drugs being tested, and the entire trial process. Blockchains can also make this possible, and the first projects to use this technology are Budbo and LaneAxis.
BitCanna
The Bitcoin-like BitCanna cryptocurrency is an emerging digital wallet that has a growing number of partners. Its principle is similar to Bitcoin, except that Bitcanna is decentralized and there are no limitations to its scalability. It works by allowing users to stake BCNA tokens, and verified transactions are added to the Bitcanna blockchain. This enables the cannabis industry to access financial services without the use of cash or credit cards.
The current version of BitCanna’s blockchain operates on a customized version of the BTC/DASH technology, which was released over a decade ago. Although the current version has performed well, BitCanna is now upgrading to Cosmos technology, which is much faster and more modern. This means that BCNA coin transfers will become more efficient, and the company’s team will be able to create new features faster. This new version of the blockchain should reduce the development time required for new applications.
Budbo
Using the power of blockchain technology, the Budbo cryptocurrency is upgrading the cannabis supply chain. It offers secure online purchases, verified pick-ups and deliveries, medical patient identity verification, and an extensive database of relevant research. While the company is still in the development phase, the founders are clearly passionate about the project. The team has struggled to regain legal control of the technology, but is now making it available for trading.
Using Blockchain technology, the company hopes to create an immutable ledger for the cannabis industry. This ledger can be used to manage the supply of cannabis products, suchs as girl scout cookies weed including the price of cannabis flowers. The immutable ledger also makes it possible for ancillary services in the cannabis industry to store sensitive data. It can also be used to track cannabis products. The new technology is also compatible with a hybrid cloud environment, which means dispensaries can experiment without additional infrastructure costs.
LaneAxis
The Canadian blockchain company DMG Blockchain Solutions Inc. has announced that it is developing a global supply chain management platform for the legal cannabis industry. Cannabis was recently legalized in Canada for recreational use. It was previously used only medicinally. According to Health Canada, there are 120 licensed cannabis producers in Canada. One of the top producers has warned that there will be a labor shortage and supply chain issues as the industry grows.
With blockchain technology, the company has a unique approach to solving common transportation problems. It uses artificial intelligence and machine learning to match carriers with cargo. This enables the company to identify the capacity that is available when it is needed. The idea is to put money back into the hands of stakeholders and reduce the amount of inefficiencies. For instance, the blockchain is not only used by large businesses, but also by smaller trucking companies.
BLOCKStrain
BLOCKStrain is a blockchain-based licensing archive and community-driven registration platform for the cannabis industry. It provides verification and transparency in the market, ensuring a safe and legal pipeline of inventory between producers and consumers. The blockchain’s immutability removes human error and obfuscation, allowing governments and financial institutions to easily audit companies. In addition, BLOCKStrain allows for instantaneous payments, reducing the need for intermediaries.
One of the biggest hurdles for cannabis entrepreneurs is figuring out how to process large amounts of cash. Cash-only businesses often generate millions of dollars, which makes it impossible to properly record financials. Moreover, regulators are often left to sift through murky financials to determine their tax liabilities. Using cryptocurrencies, such as bitcoin and Ethereum, is an easy solution to this problem. The decentralized nature of cryptocurrencies makes it easy for cannabis businesses to accept payments online. In addition, unlike cash-based transactions, cryptocurrencies can be converted to greenbacks and sent worldwide.
DMG Blockchain Solutions Inc.
DMG Blockchain Solutions Inc. is a Canadian blockchain company that develops end-to-end digital solutions. The company offers a number of services ranging from software and server hosting to crypto currency mining and forensic services. The company is headquartered in Christina Lake, Canada. The company is publicly traded and generates revenues from cryptocurrency mining and hosting. It is also an innovator in blockchain technology and is a partner with Visa, Microsoft, and Coinbase.
DMG has a strong management team made up of seasoned crypto experts, forensics and financial experts, as well as developers. They are backed by deep industry relationships. They have filed seven patents and are included in two Expert Collections. The management team is led by a CEO with over 15 years of experience. The DMG Blockchain team has deep experience in the blockchain industry and is committed to creating the best solutions for its clients.
