Banking regulations often make doing business quite difficult for folks in the cannabis industry. Blockchain technology is being used across the globe to protect data. @memberdirectory do you use blockchain or deal in cryptos?
We do! Not for banking, but for storing information.
We submit an encrypted version of the data files generated from our StrainSEEK Genetic Test to the DASH blockchain. We do that because it serves as a public, timestamped record of prior art that can be used to defend against any future patents. Because the blockchain is a decentralized network that exists on thousands of individual servers, once that block is created, it can’t be deleted or altered. We feel this is the most secure place to store valuable genetic data.
How has the Blockchain been accepted by your consumers? Has there been any resistance?
I’ve done a lot of research into blockchain considering my company, Zodaka, is a payment provider! What we’ve found is that using crypto for payment specifically can create a few problems, despite blockchain technology being incredibly promising (important not to equate blockchain and crypto as the same thing, crypto utilizes blockchain). The problem with crypto payment in any industry, but especially cannabis as it needs to scale rapidly, is that the system is just untested at scale in retail/ecommerce. It shows a lot of promise, but it seems like every day I see an article about a currency exchange getting hacked or people losing/gaining millions of dollars on crypto (though this speculation has calmed down a bit). If I’m running a business, I’d want to wait until there is a tested and standardized cryptocurrency system in place to base my livelihood on it.
Great info, certainly understand your reluctance. Here’s an article about Mile High Labs, a CBC isolate extractor, and their successful use of blockchain technology to provide on-demand compliance documentation, including Certificates of Analysis, Safety Data Sheets and Harvest Information.
Here’s the article from New Cannabis Ventures:
Right on! Thanks @stevo47 I’ll make sure to check that out now.