What Opportunities And Challenges Await Those Bringing Together Cannabis And The Blockchain?
by Liz Seyi Digital marketing managerHave
you ever wondered what the potential could be when combining the best things
about the burgeoning cannabis industry and blockchain technology?
Countries,
cannabis
consulting companies, and entrepreneurs alike are
certainly beginning to give serious thought to the possibilities, as some
states even look to legalise cannabis as a recreational drug, instead of simply
reserving its use for medicine.
To
begin to flesh out the details of what the blockchain could do for the cannabis
sector and vice versa, it may interest you to read the words of Eric Benz, a
contributor to CannaDAO, a project that is seeking to create a blockchain-based
platform for the cannabis industry.
An
increasing sense of cannabis businesses being at a “tipping point”
The
focus of CannaDAO is on the creation of an ecosystem of opportunity for the
cannabis industry, as realised by drawing upon the potential of tokenisation
and a permission-less, decentralised and on-chain platform under the governance
of members.
Mr
Benz recently spoke to the Moneycontrol website about how greater opportunities
could open up for both individuals and businesses across the world as a
consequence of the legalisation of the cannabis industry. He added that such
moves could also pave the way for other plant medicines and treatments.
“Cannabis
has been misrepresented in the media and across the industry for more than a
century,” he told the website, continuing: “As a result, the perception and
understanding have been completely misguided. The industry has gone through an
incredible maturation process, and the world is beginning to wake up to
wonderful benefits this plant provides.
“The
industry is at a tipping point and it is bursting at the seams, waiting for
regulation to open up to take full advantage. Once more bans are lifted, it
will begin putting cannabis in a new light and showcase the benefits and
opportunities whilst redefining how cannabis is represented in media and by
governments.”
The
role that the blockchain could have in cannabis regulation
Mr
Benz said that while the current cannabis sector was already “extremely
regulated”, there was now a need to “adapt that regulatory framework to a Web3
world we now live in.” He said that this would allow technology and the
community to help the cannabis industry to advance.
On
blockchain tech specifically, he stated: “The great thing about blockchain is
that it provides true auditability and accountability, acting as an immutable
source of truth and an irrevocable database of information, which is there
forever and for always.
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Created on Apr 4th 2022 04:09. Viewed 135 times.