Crypto-currencies caught the attention of the general public when capitalization reached $ 600 billion last year. The United States is also very popular on Wall Street, as many experts estimate that by 2030 the value of the industry could reach $ 75 billion.
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Cannabis markets and cryptocurrencies have a lot in common - they are associated with high risks and legal uncertainties, and the government regulators are watching hard. The possibilities of blockchain and crypto-currencies are combined with the needs of the cannabis market, the joint work of these two industries can help them acquire legitimacy.
Currently, Marijuana in the United States is the subject of the law. As a result, the tax department can not collect taxes correctly. The clumsy and unsafe procedures for collecting taxes, in which the holder of the funds has to cross the border, accompanied by an armed guard with a bag, containing hundreds of thousands of dollars, traders - many of them had to close, even if there is a strong demand in the market.
One of the most famous potcoin marijuana cryptocurrency was created in 2014 to help cannabis sellers. After NBA star Dennis Rodman was made famous with a T-shirt PotCoin.com, the price of this cryptocurrency jumped 76% in one day. At the time of writing, PotCoin's capitalization is approximately $ 10 million.
Last December, the PotCoin Manager announced the first global agreement between a cryptocurrency company and an official producer and distributor of medical marijuana. PotCoin community members who are eligible to buy cannabis on Weed® receive bonuses for using this cryptocurrency.
HempCoin is also a well-known cryptocurrency created in 2014, but it focuses on the exchange between grovens and stores selling medical cannabis. Like PotCoin, HempCoin is a payment method on Stembis.com, Canada's online marijuana market. At present, HempCoin's market capitalization is less than $ 10 trillion.
The blockchain - an instrument of legality
Advertising of cannabis products is banned almost everywhere. Although 29 states have already legalized the medical use of marijuana, it is unlikely that it will become a criminal offense. Decentralized applications are trying to find workarounds.
Cannabis Hemp Exchange or CHEX is a service that provides a commercial and advertising platform for growers, producers and brands of cannabis. CHEX is described as a wholesale cannabis trading platform via B2B transactions. With the help of this service, users can find information, share their opinions.
Blockchain Paragon has been created to be used in the supply chain. With the help of ParagonCoin, users can perform transactions on the platform and store funds more efficiently. The TOO of the token took place last year and raised $ 70 million, but many claims that this cryptocurrency is over-valued.
The Parachain open source blockchain guarantees operation without hacking and efficient system. The Paragon solution, called seed-to-salvage, will help customers and customers have confidence in the quality of the final product. Every step of the supply chain is recorded by the managers - for example, manufacturers, manufacturers, transport companies, and scientists who are in the lab and are registered in the smart contract.
Crypto-currencies and cannabis - a union in paradise
Logistics and Supply Chain Management is one of the most important functions of the blockchain. Attempts to increase the transparency of the cannabis industry is a positive trend for the entire market. Shops selling medical marijuana are successfully rebranding drugs by informing their customers about the positive effects of certain types, however, laws are needed for the cannabis industry.
Blockchain technology-based solutions such as Paragon's "seed-to-sale" or a social network dedicated to marijuana, gold stores that sell medical marijuana for cryptocurrency - they all have a positive effect on the industry and contribute to the creation of an appropriate environment for buyers and sellers.