Monday, December 5, 2022

Making the Marijuana Industry Better With Blockchain

Making the Marijuana Industry Better With Blockchain

The legal marijuana industry in Colorado is booming. However, at the 2018 Crypto Cannabis Conference in Denver, all the attendees had one goal in mind: making the industry even better. And how might entrepreneurs in the business achieve further improvement? One answer may be the blockchain.

Also read: Nasdaq Says It’s ‘Open’ to Becoming a Cryptocurency Exchange

‘Seed to Sale’ Marijuana Tracking May Have Failed, But Blockchain Can Make it Succeed

Mark Goldfogel got into the cannabis industry after falling ill during his retirement and discovering THC as an effective medication for his ailment. From there, Goldfogel decided to get involved in the industry, helping those persecuted by the authorities for using marijuana as a medicine.

Goldfogel said it just didn’t feel right that people had to choose between “being a criminal or throwing up.”

Mark Goldfogel
Mark Goldfogel, Crypto Cannabis Conference 2018

And so, Goldfogel set to work building a system that allowed the industry to track the cannabis production process “from seed to sale,” a product with countless benefits to entrepreneurs.

However, he created this system before blockchains and their privacy features existed, and before the great streak of marijuana legalization in the United States, so his product was fully-incriminating for those who used it.

Thus, Goldfogel packed it up and moved on to a new cannabis venture — in which he has found success. He told the crowd at CCC, though, “If I ever build another tracking system, it’ll be on a blockchain.”

How Blockchains Are Already Helping the Industry

With blockchains, such a tracking system could document every stage of the cannabis production process — from the time of harvesting to the product’s final sale to end users, be it THC-based consumables or durable, hemp-based products. At the same time, blockchains can protect the privacy of their users if need be, so people can benefit from cannabis even if their governments don’t want them to.

In fact, several projects in the space have begun doing just that. A quick Google search on the topic reveals many projects regarding tracking, finance, and even full-on, cannabis-centric cryptocurency meant for use as a primary currency in a marijuana economy.

Slowly, but surely, the blockchain has started providing solutions to the cannabis industry that weren’t possible just 10 years ago. What will the industry be like in another 10 years?

Do you think blockchain and cryptocurrency can help the cannabis industry? Share your thoughts in the comments section. 

Images via Medical Genomics, Jon Southurst 

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