- BLOCKstrain has developed the first integrated blockchain platform that registers and tracks intellectual property for the cannabis industry.
- The company also vows to provide a global ‘single source of truth’ for cannabis strains, their ownership, potency and chemical makeup.
- ” Using immutable blockchain technology, the company provides an environment that automates, accelerates, and encodes transactions while ensuring privacy and security for everyone.”
CFN Media Group (“CFN Media”), the leading agency and financial media network dedicated to the North American cannabis industry, announces publication of an article covering Vancouver technology company, BLOCKStrain Technology Corp. (TSX-V:SR.H).
The company has developed the first integrated blockchain platform that registers and tracks intellectual property for the cannabis industry. Strain protection and genetic identification are major issues for growers and breeders, and this new technology allows them to identify and secure rights to their valuable intellectual property (IP). The BLOCKStrain platform also streamlines the administrative process of genetic and mandatory quality-control testing for legal cannabis, cutting the administrative time and expense in half.
BLOCKStrain’s proprietary, immutable, cryptographically-secure blockchain-technology establishes a global ‘single source of truth’ for cannabis strains, their ownership, potency and chemical makeup. In an industry where a popular strain can be worth millions of dollars, quantifying genetics, potency and equivalencies between cannabis products is crucial to the future of legal marijuana.
BLOCKStrain delivers needed transparency to growers, retailers, regulators, and consumers in Canada, who have struggled to find realistic solutions to these logistical challenges ahead of the upcoming legalization of recreational cannabis. The good news is that the blockchain technology implemented by BLOCKStrain is ideally suited to solve these kind of problems by implementing an immutable and non-corruptible record of transactions.
Streamlining Mandatory Product Testing
Further, as the legalized cannabis industry begins to grow around the world, new challenges exist around the ability to provide safe and legal inventory to an evolving marketplace while simultaneously meeting the mandatory product testing requirements of regulatory bodies.
The demand for safe and legal cannabis will increase exponentially with legalization, and although Licensed Producers are undertaking great efforts to meet this demand with increased production, the current administrative process for testing is outdated and burdensome.
It is not uncommon for personnel in a Licensed Producer to spend multiple hours a day manually completing the paperwork required for testing. BLOCKStrain has begun tackling this problem by developing an intuitive, intelligent and automated system to quickly and easily synchronize Licensed Producers with GMP Health Canada approved cannabis product testing facilities.
Archiving Cannabis Genetics
BLOCKStrain has developed a comprehensive cannabis genetics archiving platform that aims to transform global cannabis business transactions and operations. Using immutable blockchain technology, the company provides an environment that automates, accelerates, and encodes transactions while ensuring privacy and security for everyone. These…