Implementation of blockchain technology has been increasing across many industries, and hemp is no exception. From farmers to processors to end users, everyone can benefit from using blockchain.
Because blockchain creates a secure database of accurate, reliable, and verifiable data, it becomes easy to implement seed-to-sale tracking systems, genetic validation, or transparency of lab results.
The Benefits of Blockchain
- Rapid, real-time traceability.
- Improved efficiency and reduced costs.
- Product validation and standardization.
- Compliance efficiencies.
- Consumer confidence.
“[There are] several key tech features of blockchain technology,” said Jason Cross, chief strategy officer for Rymedi, a life sciences and healthcare technology company based in Greenville, S.C. “One is that information that's recorded on blockchain is immutable—it can't be changed! You remove all sorts of risk related to data being manipulated, data being omitted, when referencing some set of data, et cetera.” Other pluses include permissioned access and an ability to prove analysis of data “without having to divulge access to the underlying information,” Cross said.
Blockchain technology allows different entities in the supply chain to use “cryptographic keys” that provide them with access to specific data subsets. In this case, that goes for everyone from the grower to [the end user].
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Additional Resources:
Is Cannabis Ready for Blockchain?