At first glance, this couple has absolutely nothing to do with each other. However, after a brief contemplation we can see some common points between the two. First of all, both blockchain and marijuana technology are relatively new issues. The discussion around them has been going on continuously over the last few years.

They are very controversial. They cause – sometimes justifiable, sometimes not – anxiety among a wide range of people. Doubts about both cannabis and blockchain are both moral and legal. However, both products also have a very wide range of supporters and active activists for their legalization or dissemination.

Blockchain technology continues to conquer new industries on the market

At the beginning it is worth explaining briefly what blockchain is. It is a modern technology for posting digital transactions. It is characterized by complete openness. Everyone can gain access to this public register. Blockchain technology does not have a single central database, but is located on the servers of its users. So it works in a so-called peer-to-peer model. Block chain technology is widely used in the field of cryptocurrencies, but its use is not limited to bitcoins. This technology is developing rapidly and is being implemented in new fields of the economy. No wonder the cannabis industry could become another target for blockchain technology.

Marijuana situation

Marijuana, although light, still remains a drug. As such, it is included in the list of narcotic drugs and psychotropic substances. In many countries it is completely illegal, which is partly enforced by the international rules by which the countries in question are bound. However, cannabis is not banned by law worldwide.

There is a place where it is grown legally. In addition, even legislation prohibiting many activities related to the production and marketing of cannabis has exceptions, such as the use of cannabis for medical purposes. It is not surprising that companies participating in this profitable activity are looking for the best solutions to improve their operations. Blockchain was the focus of their interest.

What does blockchain technology offer the cannabis market?

Transactions recorded in a public, transparent register are very desirable from the point of view of cannabis manufacturers and traders. Also, the fact that blockchain is a digital technology is a huge advantage. This makes it available globally. The openness of this system allows you to keep track of your business partners and thus make sure that the other party is a fair business partner.

In addition, blockchain provides end-users with the opportunity to control the quality of their goods, as they are able to track the route of the ordered product from the cannabis plantation, through transport, to the receipt of the shipment. It seems that decentralizing the block chain may also be important. The state does not have too much control over it, blockchain is in the hands of direct users. And in some “grey” from the point of view of the law, this can be a huge advantage.

Pioneers already use blockchain technology

We’re talking about ParagonCoin and PotCoin. The first one is a company that supplies the modules necessary for the production and transport of cannabis. The second is a platform that allows individual cannabis users to transfer funds, communicate and complete transactions.

Travon Temple
Witold Adruszczak CEO of the Bitcoin-Squad.com project for 3 years associated with the crypto industry. This year we have decided on an international project. Our goal is to build Bitcoin awareness in the world. Education and support for people with no experience in the new industry which are cryptocurrencies. If you need more support please write in the comment. For all I always try to answer questions under the articles.