Cannabis and blockchain … those are two red-hot buzzwords right now that have Wall Street spinning.
And with good reason. Both industries are set for massive booms in the not-too-distant future.
So, what would happen if they teamed up?
If you’re thinking it seems like a joint venture made in heaven … you’d be right.
See, blockchain has the ability to boost the cannabis industry in ways you might not expect — and countries such as Canada (where recreational use will soon become legal) are already looking into it.
But to understand how these two industries are set to team up, let’s first cover just what blockchain is.
With Blockchain, the Middleman Is Gone
I read a clever metaphor recently that helps clear up this complicated piece of tech: Think of blockchain as Google Docs (which I’m typing this up on!).
In the ancient days before Google Docs, collaborating on an article was a little difficult.
You’d use a program like Microsoft Word to draft up your piece. Then you’d save the file, send it to someone and ask them to edit it.
After that, you’d sit at your desk, clicking your pen in boredom as you waited until those changes were made, saved and sent back to you.
Life was hard.
Cue Google docs, which allows multiple people to view and edit a single document at the same time. Hurrah!
Now think of most databases as Microsoft Word. Only one person can make changes at a time, and they lock out other people’s edits until they’re done.
Blockchain, on the other hand, updates every user’s changes instantly, which everyone can immediately see and verify.
The middleman is gone!
And that’s the whole idea behind blockchain’s “decentralization” superpower. No central entity owns the information. Instead, data gets stored across numerous computers and protected through cryptography.
That has the power to revolutionize some industries you’d immediately think of: banking, health care, even voting.
But it also has the power to revolutionize a few surprising industries … such as cannabis. And this is huge.
Adding a Level of Safety to the Pot Industry
You may already have an idea of the massive potential of the marijuana industry by itself. As I wrote last week, it’s “on the verge of a 4,067% boom — and excitement about it has been mounting for a while. Now that strong institutional money is flowing in, it’s the ideal moment to get in.”
Well, there’s another element beyond institutional money that tells me this market is set to soar higher. And that’s blockchain.
See, blockchain can facilitate growth here with something called “seed-to-sale tracking.” In other words, this tech stands as a supply-management tool that allows users to share and track the history of a product’s life cycle.
It’s something our crypto expert, Ian King, referenced when he called blockchain “the holy grail for food safety” a few months ago. By making transactions instantly traceable and transparent, blockchain can stop food-borne disease in its track.
Now think about that tech applied to tracking the cycle of a cannabis bud.
It has the ability to provide complete transparency on the type of strain being used, including where the crop was raised and how it was distributed. This background info ultimately gives much more powerful insights into the product’s potency, benefits and general effects on the human body.
And that provides massive value for this commodity, aiding research efforts into different uses and adding a level of safety to the industry in general.
A Dream Team Industry Mash-Up
As more countries and states legalize recreational (or simply medicinal) marijuana, governments will be looking into this technology much more.
Already, Canada is reviewing blockchain as a tracking solution.
Under the recent Cannabis Act, Canadians will be able to purchase and use cannabis legally starting October 17. Part of this law allows Canada’s health department to create a national tracking system to safeguard the market and observe sales.
Of course, concerns for customer privacy were raised over this, but blockchain provides a secure platform that verifies data without revealing consumer information.
This is the perfect solution, and it just underscores why experts project the blockchain industry to soar 77,400% as it explodes from a $4 billion market to a $3.1 trillion one.
Any company that can tap into this dream-team industry mash-up is set to skyrocket.
To learn how you can start profiting directly from the blockchain industry — and be perfectly positioned to take advantage of this eventual team-up — just click here.
Catch you next week.
Regards,
Jessica Cohn-Kleinberg
Managing Editor, Banyan Hill Publishing
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