Blockchain is revolutionising the way we do business – and it could have great benefits for the cannabis industry.
æternity, the next-generation, open-source blockchain for building decentralised applications, recently announced that it is creating a supply chain management platform using blockchain for cannabis trade.
The company will be undertaking the initiative alongside Uruguay Can, one of South America’s leading cannabis production companies.
Blockchain for cannabis
æternity’s implementation allows the registration and tracking of cannabis strains from the seed to the final product, combining the technology of IOT (Internet of Things) and blockchain to enable the possibility to create decentralised applications.
æternity Americas CEO Pablo Coirolo explained that blockchain technology can provide security and confidence about the quality of medical and recreational cannabis.
Pablo Coirolo, CEO of æternity Americas, said: “We want to be the first to offer a business-level solution in partnership with leading technology providers and cannabis producers, processors and distributors.
“æternity technology is ideal for tracking the entire cannabis production process, from seed to full plant growth, throughout the entire supply chain, which ensures consumer safety while complying with regulations.”
In December 2013, Uruguay became the first country in the world to completely legalise the production and sale of marijuana. With a population of only 3.4 million nestled between two neighbouring giants, Brazil and Argentina (with populations of 208 and 43 million respectively), Uruguay has been an innovator in both recreational and medical marijuana throughout the region.
The first phase of the implementation between Uruguay Can and æternity will begin in October and is expected to be completed in January 2020, with full implementation planned for the middle of next year.
For Uruguay Can CEO Eduardo Blasina, this partnership with æternity is a significant milestone for the industry.
“We are proud to be the first company in Uruguay that can guarantee the quality of our products in a transparent and verifiable way,” said Blasina.
“The ability to trace the source and the way cannabis is produced is beneficial for both the cannabis and pharmaceutical industry as well as its consumers and end users, who should feel more secure about the product that they are consuming,” added Pablo Coirolo. “This mechanism is ideal for improving the cannabis production process throughout the supply chain, certifying consumer safety while regulations are adhered to.”