In the cannabis industry, accountability is everything. In order to get licensed and stay licensed, absolute record-keeping is essential. A new way of absolute record-keeping is being developed with great enthusiasm via the blockchain. Blockchain isn’t just a buzzword, it’s a method of managing data that is more reliable than any other data storage or processing available. A blockchain creates permanent records as each new transaction or data point is built into the chain itself. When a blockchain is public, it exists in the cloud and the entire chain is simultaneously hosted and accessed by everyone who uses it.
Many blockchains are based on one of the leading cryptocurrencies, mainly bitcoin and Ethereum. No matter how you feel about these blockchains in the realm of finances, there’s no denying that data stored within them is hosted by millions and is, therefore, stored forever.
So, what does this mean for the cannabis industry and, particularly, for cannabis manufacturers? Absolute record-keeping.
Blockchain Applications in Cannabis Manufacturing
Consider what you could do with absolute records. Data stored in a blockchain can’t be wiped by ransomware or altered after the fact and can be referenced at any time by authorized parties.
When a company designs a blockchain function, they create a unique data entry type that is then stored in a private or public blockchain. For example, blockchain is now being used to store medical records that are absolute, unalterable, and HIPAA-compliant.
The needs of cannabis manufacturing records aren’t so different from the healthcare sector. Leading to several already developing uses for blockchain in the cannabis industry.
Seed-to-Sale with TruTrace
TruTrace is a blockchain brand that has taken seed-to-sale tracking into the absolute record keeping of the bitcoin blockchain. Tracking is essential to ensure that legally grown medical and recreational cannabis is never lost, mishandled, or otherwise winds up in the wrong hands during or after production. From the moment a seed is planted, it can be tracked through growth, testing, and harvest. From there, every ounce and product created from each seed is individually tracked in an absolute record that cannot be altered.
Should there be an inquiry regarding the safe handling of products or legal distribution, brands using seed-to-sale tracking can assure their care and compliance at every step. When this data is stored in the blockchain, not even a server wipe or ransomware hack can put your compliance into question.
Kannapedia Strain DNA with Medicinal Genomics
Strain-tracking has long been a challenge and a matter of great interest in the cannabis industry. Innovative growers now regularly patent new strains and customers are often curious about both the qualities and parentage of the latest catchy names. Whether you’re interested in protecting a patent or want to find out more about a strain without published parentage, this is where the Kannapedia blockchain project comes into play.
Using the bitcoin blockchain as the archiving method, Medicinal Genomics has begun building a comprehensive record of cannabis DNA strands. Cannabis DNA is made of unique compounds, making it possible to identify every strain and cluster them based on similar compound patterning.
This also makes it possible to identify when a mystery strain is an exact copy of an existing patented strain made by another grower. Not only is the scan itself useful, identifying every unique quality of developed strains, it also stores that data forever, providing a permanent reference and protection from copy-cats.
Business Management Blockchain Applications
Of course, a blockchain application doesn’t need to be cannabis-specific to provide a benefit to cannabis manufacturers. There are dozens of software products that provide business management functions that also create absolute records within the bitcoin or Ethereum blockchain. It would be a practical and, today, unsurprising choice to store all your lab results in a blockchain record-keeping service, or even to handle payroll through blockchain as these are also essential business functions that benefit from immutable records.
For the cannabis industry and the business world, blockchain is more than just a buzzword. It’s a malware-proof and even sabotage-proof way to ensure that essential records are never lost or changed once they are stored at the time of creation. For more cannabis technology insights and practical software solutions, contact us today.