MassRoots Inc. is launching blockchain technology for the cannabis industry – a digital ledger that can be used to record financial and informational transactions, the company announced today. The technology provides services such as seed-to-sale traceability, smart contracts, and identity management while allowing businesses to eliminate intermediaries and increase corporate transparency.
“We believe blockchain has the potential to enable the cannabis industry to operate more efficiently, accountability, and with a greater degree of transparency. MassRoots looks forward to being a pioneer in exploring blockchain-based solutions for the multi-billion dollar cannabis industry.” – MassRoots CEO Isaac Dietrich
So far, the most well-known use of blockchain technology has been cryptocurrencies. In November, IBM pitched blockchain technology to the British Columbia, Canada government as they roll out regulations for the nation’s forthcoming legal cannabis industry as a means to take control of “sourcing selling, and pricing” cannabis products.
At least two firms – Tokken and Cannabis Hemp Exchange – have targeted Colorado’s cannabis industry as a market for blockchain tech. In September, the start-up Paragon launched its own blockchain tech focused on the legal cannabis industry along with a cryptocurrency known as ParagonCoin.
MassRoots has formed a wholly-owned subsidiary, MassRoots Blockchain Technologies, Inc., focusing on the tech.