FULL Steam Ahead: The Fusion of Cannabis and Blockchain Side by Side Gaining Popularity
Earlier this week, I shared huge news with everyone that is going to kick the cannabis trend further into high gear. The news was that on June 27th, the FDA is expected to approve its first cannabis-based pharmaceutical drug. This will be an absolute game-changer for the entire sector. You have to consider the implications of the FDA essentially endorsing the cannabis sector with their first approval.
We are witnessing history as momentum is creating momentum and it’s all happening in cannabis. This will be the sector to be watching as infrastructure for the space builds out and falls into place.
The industry is in its infancy stage, with the infrastructure largely in need of being built and not understood, for that matter.
A primary goal for regulators in the cannabis space is still very much to establish an efficient, accountable, and transparent system for regulatory oversight of the supply chain in order to protect youth and combat organized crime. You can imagine that in this space, which largely operated in the black market, transparency and quality assurance of product is of great concern. However, with the onset of blockchain applications, the needs of the cannabis space are being met!
Blockchain technology has entered the 21st century in a major way and it’s time for applications to be put forth that actually matter.
Many applications for blockchain have been set forth just to capitalize on the euphoria of the trend which will ultimately go to zero because there is no real value proposition for the application of the blockchain. But for sectors and use cases that truly can benefit from the immutable decentralized ledger, blockchain will thrive. I believe blockchain and cannabis will go hand-in-hand and be a perfect marriage.
The cryptocurrency market has been nothing short of impressive for investors who’ve had the wherewithal, and guts, to invest. Last year alone, the combined value of all cryptocurrencies jumped from $17.7 billion to $613 billion, representing a gain of 3,300% and fortunately for us, we were all over this trend.
The culmination of cannabis and blockchain is here which is why I am issuing an immediate alert for Blockstrain Technologies Corp. which will be trading on the TSXV under ticker symbol DNAX.
Do your research on this stock now as it is early stages for the canna-blockchain space as the marriage of the two sectors rapidly converge.
Cannabis and Blockchain Fusion
I honestly believe use cases for blockchain will be highly applicable for the cannabis industry.
The Problems and the Opportunity that exists lies here:
- Verification of product. Essentially, if the product is viable .
- There needs to be a pipeline of legality between producers and consumers which isn’t currently full proof.
- Satisfying the governments that are already highly skeptical of this developing industry.
What better way to smooth out the current stumbling blocks in the sector than applying blockchain.
It’s the application of immutable cryptography that we can now start tracking cannabis IP from genome to sale that will enhance every party involved at all levels.
BlockStrain is a company that is actively customizing API platforms for their customers that want to add blockchain to their cannabis products.
Rob Galarza, CEO of Blockstrain, has already solidified a deal with WeedMD. WeedMD will be amongst the first federally-licensed producers to initiate the integration of blockchain technology into its ecosystem.
BlockStrain is an integrated blockchain platform that registers and tracks cannabis IP from genome to sale.
The main advantage of BlockStrain is to ensure product licensing and authenticity, providing assurance of revenue and, more importantly, product integrity and safety.
Put differently, BlockStrain is the “smart hub” for cannabis and this company is hitting the ground running with deals in place earning revenues right off the bat.
It’s companies like BlockStrain that are going to give the cannabis industry a more reputable name. And it’s with the onset of blockchain technology that the company will ensure quality and integrity in the products.
Making the platform truly open and available to everyone, the company is shaping the future and authenticity of the industry through widespread adoption and usage.
By offering a secure API network, they’ve made it easy for testing providers, grow facilities, app and software developers, research groups, and major supply chain platforms to build cannabis-centric applications, helping fuel technology and innovation for the industry as a whole.
As compliance and regulation are a critical priority, BlockStrain allows for government regulation standards to be adhered to while providing real-time visibility of industry operations to agencies assigned to enforce and regulate all cannabis activity nationwide.
And as for blockchain tech, even cryptocurrencies’ biggest critics will agree that the use of blockchain solutions for record keeping and its decentralized properties are and will be the future.
This is a company that can scale and offer its services to the biggest players in the space and be number one for software based platforms specifically as it pertains to cannabis.
I look forward to covering this company further in future updates, but for now, put DNAX at the top of your list of stocks to watch here in 2018.
Whether you are looking for a play in the cannabis space or to tap into the infancy stages of blockchain tech, owning shares of BlockStrain gives us exposure on both fronts.
We are just getting into the initial stages of what will become global legalization of cannabis. Sentiment for this space is changing fast, and we are spring-loaded to the upside.
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