Blockchain in Legal Cannabis
Weeding Out Supply Chain Inefficiencies
Chain Business Insights’ new eBook titled Blockchain in Legal Cannabis: Weeding Out Supply Chain Inefficiencies by Co-founder and Research Principal, Sherree DeCovny analyzes the cannabis market and the legal and structural issues that impede operational performance. The eBook’s primary focus is on the U.S., where illegality at the federal level prohibits interstate commerce, therefore causing an imbalance between supply and demand across the country.
Worldwide spending on legal cannabis is growing rapidly, but the market will not realize its full potential without efficient supply chains to deliver an expanding array of products. Blockchain technology could address this issue by providing greater visibility, traceability and transparency as well as facilitating regulatory compliance.
The new eBook details existing and emerging blockchain solutions, and examines blockchain’s potential role in the industry. A case study shows how blockchain technology in combination with other innovations is being used by a leading player in California to develop an efficient, end-to-end supply chain for cannabis products.
A Look Inside
Additionally, they discussed how data from IoT sensors, Radio Frequency Identification (RFID) chips, QR codes and bar codes can be linked to the blockchain to further improve efficiency. Finally, they talked about how cannabis consumers can benefit from the application of these technologies, and what other industries can learn from the cannabis industry’s experience. A recording of the panel will be made available shortly. Until then, you can see a copy of the slide presentation here.