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Pot Industry To Use Bitcoin Technology

Pot Industry To Use Bitcoin Technology

The bluest of blue-chips is touting the blockchain technology behind bitcoin as the supply-management tool for a rather surprising industry, cannabis.

According to a paper submitted this month to the government of British Columbia by Armonk, a New York-based company, IBM’s blockchain digital ledger could be used to track pot from “seed to sale.” The information was submitted to the Western Canadian province as part of gathering public feedback on how to regulate the industry ahead of the national legalization of recreational pot this coming July.

IBM said in this paper that blockchain could help B.C. take control of sourcing, selling, and the pricing of products while also enabling producers to track inventory, supply and demand projections, and consumption trends.

The shared ledger is updated and validated in real time, and reveals where product is at any point in time. “This type of transparency would bring a new level of visibility and control to the provincial regulators,” IBM said.

The company believes that the blockchain technology will be adopted by its large enterprise clients and can serve as a revenue growth driver in the long-term, and has promoted the use of blockchain for industries ranging from financial services to cargo shipping and consumer retail in the last few years.

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