IBM wants to leverage the unalterable and transparent nature of blockchain technology to ensure consumer safety “from seed to sale.”
With Canada planning to legalize cannabis sales next July 2018, many provinces have struggled to find out how to manage and sell recreational cannabis. IBM believes they have a solution and have proposed to British Columbia that they manage cannabis sales using Blockchain technology.
Blockchain technology, which is the backbone for famous cryptocurrencies like Bitcoin and Ethereum, can help the BC Government gain full visibility on the supply chain and sale of recreational cannabis. Limiting or eliminating black market sales by tracking where and how cannabis is sourced, priced and sold.
via Journal du Coin
“Blockchain is an ideal mechanism in which B.C. can transparently capture the history of cannabis through the entire supply chain, ultimately ensuring consumer safety while exerting regulatory control,” – IBM stated in the document posted on the provincial government’s website.
Mike Farnworth, B.C. minister of Public Safety and Solicitor General has already stated that protecting the health and safety of the consumer is the main focus for him. IBM’s unique solution to the sale of recreational cannabis is sure to catch interest from the province.
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
Don & Alex Tapscott, authors Blockchain Revolution
The B.C. government solicited input from various stakeholders as it prepares to lay out its plan for how recreational marijuana will be handled in the province. Ontario was the first province to announce its detailed marijuana plan in October, which includes the sale of the drug in up to 150 stores run by the Liquor Control Board of Ontario.
via Gigabit Magazine
This isn’t the first time we’ve seen blockchain technology in the cannabis industry in Canada. Potcoin which was introduced 3 years ago, started in Montreal and has visions of creating a platform that consumers, growers, and dispensaries can all use.
“IBM suggests Blockchain is an ideal mechanism in which BC can transparently capture the history of cannabis through the entire supply chain, ultimately ensuring consumer safety while exerting regulatory control – from seed to sale.” – IBM Canada’s Input to BC Cannabis Regulation Engagement
With IBM revealing their blockchain supply trial in Singapore, purchasing marijuana with cryptocurrency could be in the near future for Canadians.
“This type of transparency would bring a new level of visibility and control to the provincial regulators and provide assurance to the multitude of cautious stakeholders regarding the way the management of a cannabis supply chain is rolled out within British Columbia.” – IBM
Photo via The Globe and Mail