via NEWMEDIAWIRE – CFN Media Group (“CFN Media”), the leading
agency and financial media network dedicated to the North American
cannabis industry, announces publication of an article and video
interview discussing BLOCKStrain Technology Corp. (TSXV:
DNAX) (OTC Pink: BKKSF). Chief Technology Officer Tommy Stephenson
recently sat down with CFN Media to discuss the company’s decades
of experience with technology and how it could transform the supply
chain.
The cannabis industry is experiencing massive growth, but the
infrastructure behind the boom leaves a lot to be desired. Many
cultivators are still using spreadsheets to track products across
the supply chain, while regulators are struggling to find good ways
to track products from seed to sale. The good news is that several
companies are stepping up with innovative solutions that could
bring transparency and security to the industry.
CLICK HERE to see exclusive video interview with BLOCKStrain
Technology Corp. (TSXV: DNAX) (OTC Pink: BKKSF) Chief Technology
Officer Tommy Stephenson.
Emerging Market without a Solution
The North American cannabis industry is projected to reach
nearly $100 billion in annual revenue by 2026, according
to Research and Markets, driven by the legalization of medical
and adult-use cannabis across a growing number of states and
nationwide in Canada. While these trends are positive for the
overall industry, companies are facing a growing number of
challenges as production ramps up to meet consumer demand.
For example, most cultivators and dispensaries have been forced
to repurpose existing software solutions to comply with heavy
seed-to-sale regulations. Many cultivators are still required to
submit data on a government portal or track transactions on a
spreadsheet. These approaches are prone to data loss, data theft,
and a host of other problems, while it’s difficult for governments
to parse through the data to find information they need.
Another challenge is providing consumers with a good way to find
information about cannabis products. The customer currently has no
way of verifying if a product is what the store says it is, or even
if that product is safe. Consumers currently have no access to
testing data, and even if they did, they have no way of knowing if
that data is valid.
For example, a recent study
(https://www.cbc.ca/news/thenational/ormiston-pot-marijuana-cannabis-weed-genetics-1.4489974)
discovered that in 35 percent of 81 different strains tested, the
genetics did not match the strain that was being sold. In fact,
some consumers were buying Sativa strains advertised as Indica, and
Indica strains advertised as Sativa.
So, how do consumers really know what they’re getting?
These trust issues have become especially important following a
string of product safety recalls in Canada and CBD efficacy
warnings from the Food and Drug Administration in the United
States.
Bringing Decades of Experience
BLOCKStrain Technology Corp. (TSXV: DNAX) (OTC Pink: BKKSF)
recognized the technology gap several years ago and began
developing an innovative blockchain-powered solution. Unlike
conventional database solutions, blockchain technology makes it
easy to create a highly secure, highly scalable, and immutable
record that can support billions of data points—whether they’re
transactions, strains, or tests.
The company’s innovative platform enables cultivators to catalog
various strains and protect their intellectual property, while
empowering consumers to get granular about the products that they
consume. Government officials can also quickly trace any
transactions or strains without worrying about the security or
scalability of conventional database solutions. The result is a
win-win-win for cultivators, consumers, and regulators.
Since its launch, the company has already attracted world-class
partners. WeedMD Inc., an Ontario-based ACMPR licensed producer of
cannabis in Canada, announced a strategic investment in
BLOCKStrain and became the first licensed producer to integrate
blockchain technology into its ecosystem. National Green Biomed
Ltd. also signed a letter of intent in June to join the
platform.
CLICK HERE to see exclusive video interview with BLOCKStrain
Technology Corp. (TSXV: DNAX) (OTC Pink: BKKSF) Chief Technology
Officer Tommy Stephenson.
Looking Ahead
BLOCKStrain Technology Corp. (TSXV: DNAX) (OTC Pink: BKKSF)
represents a compelling investment opportunity within the
burgeoning cannabis industry. By creating the first
blockchain-powered supply chain solution, the company hopes to
position its platform as a central intermediary within the
industry. The recent addition of licensed producers could help
create some network effects to turn this goal into a reality.
In addition to cataloging strains and recording transactions,
the company’s platform is becoming a valuable source of
information. Consumers can use BLOCKStrain to rate products and
share their opinions as part of an immutable record. This data
could be mined to come up with insights into what types of
cannabinoid and terpene profiles work best for certain medical
conditions or recreational goals over the coming years.
Finally, the company could leverage the same technology in other
industries that require secure, scalable, and immutable records,
such as the organic food industry. These markets could become an
additional area of focus down the road.
For more information, visit the company’s website
at www.blockstrain.io.
Please follow the link to read the full
article: http://www.cannabisfn.com/blockstrain-brings-security-scalability-transparency-cannabis-supply-chain/
About CFN Media
CFN Media (CannabisFN) is the leading agency and financial media
network dedicated to the global cannabis industry, helps companies
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Since 2013, private and public cannabis companies in the US and
Canada have relied on CFN Media to grow and succeed.
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entrepreneur: http://www.cannabisfn.com/featuredcompany
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