HOW BLOCK CHAIN TECHNOLOGY CAN REVOLUTIONIZE THE CANNABIS INDUSTRY!
The cannabis industry has evolved into one of the fastest growing industries in the market today. This industry influences various other industries, and its exponential growth only enunciates the fact that the cannabis industry is set to become one of the most lucrative industries out there. At the same time, there are many ancillary sectors in the Cannabis industry which provide services to the broader cannabis economy; these sectors have also fueled the rapid growth of this industry.
The financial issues of the burgeoning marijuana industry highlight some very important problems for a lot of small businesses in the United States. First, it’s cash-heavy, which makes it vulnerable. Second, the clash of laws and regulations makes it difficult for banks to service them. And third, it’s costly for them to verify their source of product.
One solution to many of these issues could be the blockchain, which offers a cheap solution to verifying source, and provides a payment system that can eliminate an overreliance on cash.
Also Canada, the British Columbia government is actively looking at blockchain as a solution to managing the legalization of marijuana. Blockchain technology, as it is decentralized, would help decrease the chances of a cyber attack, and increase security and transparency in a major way. Additionally it can be used to secure all types of financial transactions, increasing security and safety of everyone involved.