BLOCKStrain Technology Corp. has developed the first integrated blockchain solution that registers and tracks intellectual property for the cannabis industry. Cannabis producers can secure their intellectual property rights through a verifiable chain of evidence in the blockchain from gene to sale.
The First Integrated Blockchain For Intellectual Property In The Cannabis Industry
An integrated blockchain platform, BLOCKStrain Technology Corp. has established a platform for licensed cannabis producers (LPs) and licensed craft growers. The system provides blockchain solutions from genome to sale with a threefold offering.
The first offering is a booking system for both required and optional testing of cannabis in Canada. Cannabis producers will see less administrative overhead that currently exists in the testing stage, due to its platform and partnership with testing labs. This would in turn streamline the process, so that the producers can move their product into the market more quickly to meet higher demands stemming from legalization.
The second offering is a way for cannabis breeders to log their genetic strains in an environment that verifies the source of the strain immutably, thus removing the need to get a patent. This verification offering will foment future collaborations and innovations, giving way to more products and choice for consumers.
The third offering is a secure marketplace in which LPs can license their strains to other growers. The blockchain platform will use contracts that protect all involved parties and secure the LPs ownership of the genetic strains being licensed.
Robert Galarza, the CEO and Co-Founder of BLOCKStrain believes the BLOCKStrain platform is positioned to help the blockchain industry grow.
The CEO said:
“Our goal is to help this industry develop and unfold. BLOCKStrain is well positioned to grow its market share by putting the best solution in front of the industry and all of the participants here.”
How Blockchain Removes Cannabis Industry Problems
The cannabis industry has been hit with real-world problems such as IP lawsuits not standing up in court, known copying of major brands by illegal growers in dispensaries and a large gap in supply chain transparency and verification. The latter is an issue that both suppliers and consumers face, inciting demand for a solution in the industry.
BLOCKStrain Technology Corp. (TSX.V: DNAX) is a full-service software firm, headquartered in Vancouver, British Columbia, Canada. It has decided to leverage blockchain technology for the cannabis industry, as the demand for supply chain verification has increased, along with the many other needs of the industry.
Robert Galarza expressed the need to ensure that the products people consume are healthy as the industry grows, and blockchain is helping maintain this.
The CEO said:
“This industry is growing at such an exponential rate. You need to be able to create a method, utilizing technology, to verify that product and make sure the product that’s being put on shelves is tested and safe. You want to make sure what you’re putting in your body is healthy.”
The BLOCKStrain platform will also facilitate brand growth for cannabis growers and their consumer base of astute and knowledgeable users.
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