We all know the blockchain space is well-hyped, and many companies use that hype to their advantage.
Our mission at Disruptor Daily is to drive the adoption of blockchain technology, and to do that, we’re highlighting those companies that are truly leveraging the blockchain for all its potential.
To help recognize the companies out there developing practical use cases for the cannabis industry, we are excited to announce our first annual Blockchain In Cannabis Use Case Award!
Here’s how the awards will work:
Our readers have nominated the companies below and until October 11th, you will now have the chance to vote for your favorite use case!
This is your opportunity to vote for the companies you feel have the most practical blockchain use case for the cannabis industry.
In order to be an eligible voter, please follow the steps below:
Step 1: Carefully review the use cases below and vote for the one you feel could have the biggest impact.
Step 2: Cast your vote
Step 3: Share this page and encourage others to vote!
*To maintain the integrity of the awards series, ALL votes must be linked to a LinkedIn page. We will manually review each vote and ensure there is a legitimate LinkedIn profile associated with the name. All votes that do not pass this test will be discarded*
Alt Thirty Six is a digital payment ecosystem aimed specifically at dispensary owners and operators. Its a cashless, B2B marketplace with several nifty accounting features including the ability for the app itself to serve as a point of sale.
Growers International is behind GrowersCoin, a digital currency created by growers, for growers. It’s one aspect of the Growers International marketplace, where industrial, commercial, and hobby-level growers can source products and find guidance and advice.
HempCoin is a decentralized payment systems for those in the agricultural sector, specifically hemp and tobacco growers and wholesalers.It’s a blockchain-powered solution for an underbanked sector to engage in financial transactions safely.
Managing the Manufacturing Processes, Data Integrity and Security From ‘seed-to-sale,' CannaBlox, gives today's cannabis growers and distributors complete visibility, traceability, security, and ensures adherence to MFG and Government regulations and standards. All built using LevelBlox Blockchain technology.
The Business of legal cannabis has evolved – so has its manufacturing and distribution processes. Now held at a higher standard, growers are under tremendous pressure to ensure audit, compliance, and traceability into their operations. CannaBlox gives cannabis growers and manufacturers a solution that fills the void of current offerings by focusing on managing the Manufacturing Processes, and two of the biggest challenges facing this emerging industry; Data Integrity and Security. The evolution of the manufacturing of cannabis is defined in its phases of refinement. The cultivation of flower to extract, to the refinement of distillation, to isolate of cannabinoid, flavonoids, and terpenoids.
Using the LevelBlox BlockChain platform, CannaBlox aggregates and integrates with all cultivation and IoT tracing devices, such as:
- Inventory tracking devices, barcodes, and barcode scanners
- RFID NFC readers
- Environmental, irrigation & fertilization systems
- P.O.S systems
- CannaBlox uses this information and triggers audit events, such as:
- Location changes (time and date)
- Phase & process changes
- Custody changes of the plant material throughout the refinement process.
The cannabis industry is still grossly underbanked, and PotCoin is one digital currency solution to safer financial exchanges between cannabis professionals, including wholesalers, and consumers. They’re digital coins exchanged via the internet, facilitating not only the exchange of money but communication and social interaction among cannabis enthusiasts.
Due to federal prohibition of cannabis, businesses within the legal industry must operate primarily in cash. These cash transactions occur at the point of sale, for business to business transactions (e.g., dispensary to cultivator), and for employee payroll. Until conventional banking allows cannabis businesses to utilize their services, this cash only ecosystem has an added liability of potential loss and increased accounting difficulty in a compliance heavy market. From the perspective of regulatory or tax authorities, this cash dependence also adds a layer of complexity to financial reporting of cannabis revenue and tax remittances.
The ecosystem of Tokes Platform software for payments encompasses a full loop from consumer acquisition of tokens, to merchant processing at the point of sale, business to business payments, and even business to state payments for tax remittances. Additionally, through strategic partnerships, Tokes offers custody solutions, allowing merchants to accept tokenized payments, and subsequently initiate wire or ACH transfers through the custody agent to third parties. The result is a fast, auditable, and inexpensive way to transact, which removes the cash handling liability of the merchant, while providing an auditable history of transactions, all on blockchain.
State legislation mandating specific protocols around tagging, tracking, testing, transporting, and security of cannabis products varies state to state. Operators within the industry must contract with multiple entities to ensure full compliance of various state laws, increasing overhead costs. In the process, cannabis businesses are required to utilize several, non-integrated legacy systems to meet state standards. Additionally, reliance on centralized storage systems for this data has previously resulted in disastrous outcomes (relevant articles via MJBizDaily and LAWeekly). Standardization of this reporting data across states will not come until we see Federal decriminalization, and data structures will need to be put into place for eventual interstate transport of cannabis goods.
Leveraging GS1 standards for supply chain visibility, Tokes has produced EDEN (EPCIS Decentralized Network), a blockchain protocol leveraging existing global standards in order to improve the visibility and accuracy of supply chain data. Not only does EDEN produce a layer of security and immutability upon existing seed-to-sale data, but by leveraging global standards EDEN makes cannabis data interoperable for the inevitable future of interstate and international cannabis commerce.
StrainSecure™ is a blockchain-driven SaaS solution developed to specifically bring genetic verification, quality assurance and product integrity to the world of cannabis. Developed by Tru•Trace Technologies, Inc., the platform is rapidly becoming a standard, beginning with the Canadian medical cannabis industry.
The platform delivers on securing the entire cannabis supply chain from Genome to Sale™, providing insight and peace of mind about what they’re handling. Working closely with licensed producers, labs, and distributors, their easy to use software connects all cultivation and testing data into one immutable “Smart Hub” where this data is then made available to multiple systems and organizations via various APIs and user-friendly software solutions.
On June 17th, Shoppers Drug Mart, Canada’s largest and most trusted pharmacy chain with over 1,300 locations across Canada, announced a partnership to use StrainSecure’s blockchain to verify and track the source of medical cannabis being sold to their patients.