IBM Targets Blockchain for Cannabis Industry in British Columbia

The legalization of the cannabis industry has changed how many companies do business. IBM is now looking at how to use to the blockchain with regard to the (legal) cannabis industry. IBM sent a document to the British Columbia government, praising the use of blockchain. Stating that it was quite helpful for customer safety and to encourage adding regulatory oversight, to assist with the legal distribution of cannabis in the Canadian province.

The document from IBM was dated November 1, 2017 and titled “BlockChain: An Irrefutable Chain of Custody Audit for the Seed to Sale of Cannabis in BC.” IBM explains that the BlockChain can assist British Columbia with the “overall chain of custody” through its technology. The document continues to state that “Blockchain is a highly effective trust mechanism which uses a cryptographically-secure shared ledger to irrefutably track complex transactions amongst many known parties.” It continues to explain that all transactions are completely secure and are also transparent, that there is a shared ledger.

IBM believes that if British Columbia welcomes the Blockchain to help assist the legal cannabis industry. It will not only help with highly efficient transactions but to eliminate fraud as well. That there will be no worry regarding black market sales.

The legalization of cannabis has become a “hot topic” in North America and around the world. People debate that by making pot legal, law enforcement will be free to focus on more serious matters. The money raised from legal marijuana will also go to assist communities who are glad to have the tax revenue. So far, this has proved to be quite accurate in many circumstances. Which is why we are seeing more and more states and areas around the world deciding to legalize pot. In 2016, the tax revenue from legal cannabis in several USA states proved to bring in very high numbers. Washington raised $256 million, Oregon earned $60 million and Colorado brought in $200 million.

Over the past several months, IBM has assisted with some blockchain supply chain trails. One of them was to work with Singapore’s port operator. This helped to automate the flow of documents between the trading partners at the port.

British Columbia’s Minister of Public Safety and Solicitor General Mike Farnworth was the one to announce to the public in late September that cannabis would be made legal in the province.

Farnsworth stated “…It’s important we get it right.”

The Minister of Public Safety and Solicitor General explained that laws and guidelines would be given for the legal age for cannabis use, the legal possession limits, drug-impaired driving and regulations regarding personal cultivation of pot.

British Columbia will receive feedback from a “representative sample” of people within the province regarding legalizing cannabis.

British Columbia is now preparing for the legalization of cannabis (marijuana) in their providence. It will be legal for non-medical reasons by July of 2018.

Buying and selling via the Blockchain using crypto could certainly make things quite efficient for their customers and the companies selling legal cannabis.

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By | 2017-11-07T01:18:25+00:00 November 7th, 2017|Cryptocurrency News|0 Comments

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