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The technology behind bitcoin could be a good approach for the cannabis industry, ensuring the legal flow of the product while protecting the privacy of consumers.
Health Canada, through the Cannabis Act, will put in place a national tracking system that will follow the product from the beginning until it is sold. In this way, they will protect the integrity of the legal market, but what about confidential data?
Here's where bitcoin blockchain technology can help because it can keep information secure through the encryption used in a blockchain and the many verification steps.
Considering that on October 17, it will become legal, it is time for the industry to find a safe way to store sensitive information. The government demands, according to a spokesperson for Health Canada, that there be record keeping to "help prevent the diversion of cannabis; in other words, the transition from legal cannabis to the illegal market and illegal cannabis to the legal market. "
Anyone who is allowed to operate in the cannabis industry will have to send a monthly report on the amount of marijuana grown, sold, destroyed, used for research, lost or stolen." The spokesperson added that " relevant security measures have been taken and necessary precautions have been taken to protect cannabis-related data. "
But a cannabis tracing system seems vulnerable as badysts predict that this market will yield more than $ 7 billion in 2019.
Health Canada stated that it considered the blockchain, along with several other options, as a potential solution for tracking cannabis movements throughout the supply chain. "[19659002] However, all of this accompanies a catch. that the tracking system would first be launched on another platform, considering that there is no government standard for using the technology behind bitcoin.
A CEO who founded a blockchain for the cannabis industry explains that blockchain will help regulators, who will not "look for a needle in a haystack". We will be much safer than anything that is not part of the blockchain.
Rex Austin was born and raised in Thunder Bay, Ontario, on the shores of Lake Superior. In addition to managing his own podcast, he spends his time paddling and hiking in Northern Ontario. As a journalist, Rex has published articles for Global News (Thunder Bay) and Buzz Feed and Joystiq. As a contributor to Great Lakes Ledger, Rex covers most science and health reporting. To contact Rexhere
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