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This Company Promises To Change CBD Industry With Blockchain

Cryptography has provided the global community with a variety of innovative tools for expanding social, economic and financial capabilities. One of these is blockchain, the decentralized network that gives structure to the entire booming crypto-space. Bloc...

05/07/2021 11:23

Cryptography has provided the global community with a variety of innovative tools for expanding social, economic and financial capabilities. One of these is blockchain, the decentralized network that gives structure to the entire booming crypto-space.

Blockchain is a tool that can be applied in numerous ways. One of them is product tracing from seed to shelf.

Several cannabis companies, including MediPharm (TSX:LABS), TruTrace (CSE:TTT) and Uruguay Cann, are already applying blockchain to industrial processes.

Quannabu wants to join the list. The tech company has its sights on how to “revolutionize the way CBD supply chains work” by offering transparency to customers and suppliers from seed to sale.

The project, expected to launch by mid-May, will provide customers access to the entire journey of their product via blockchain technology that will monitor the process through the supply chain, according to the company.

The goal is to increase customer confidence by making all relevant information available every step of the way.

“The key to unlocking the full potential of the CBD industry is providing an open and trustworthy supply chain,” said Steve Shearing, managing director at Quannabu. “Policymakers across the globe simply can’t regulate a product they can’t track.”

Product testing will be done in Quannabu’s own laboratory and the data will be made available for users. Every batch will be tested, traced and then given online certificates available to the public.

“We have a golden opportunity to demonstrate how cultivation, manufacture and testing of CBD products can and should be done to satisfy all government and regulatory bodies and safeguard the future of the industry,” Shearing said. “With medical-grade facilities, we will set the gold standard for accurate and certified test data and certifications.”

The company has also disclosed its intention to introduce a token (QBU) in order to help integrate the platform into the cryptocurrency market.

Photo via Unsplash.