The blockchain’s traceability capabilities have opened the doors to various exciting applications that cut across global industries. UruguayCan, a medical cannabis company, is seeking to leverage this feature by creating an app for tracking medical cannabis production. This cannabis blockchain app is built on the Aeternity (AE) blockchain platform and will allow potential cannabis buyers access to detailed information concerning the products they intend to purchase. The cannabis blockchain app will be launched in June or July to correspond with Uruguay’s cannabis planting season.
UruguayCan Cannabis Blockchain App
UruguayCan Cannabis blockchain app will bring advanced features to the cannabis industry. It will trace and record every aspect of the cannabis plant’s life cycle, including the plant’s pod sizes, temperature, humidity, greenhouse locations, treatment, light levels, fertilization methods, flowering details, and the irrigation techniques utilized by farmers in growing the plant.
Essentially, this cannabis blockchain app can track a cannabis life cycle from growth until it is harvested and packaged. Considering that UruguayCan is dealing with medical cannabis, the ability to obtain this information on cannabis plants is exceptionally vital to pharmaceutical companies and other medical-based entities seeking to turn cannabis into medication.
Aeternity focuses on creating a blockchain platform capable of carrying out high bandwidth transactions by utilizing functional smart contracts and decentralized oracles.
The partnership with UruguayCan is one of the projects that will bring this platform to the limelight. This is due to the unprecedented growth of the cannabis industry.
Commenting on this project, an Aeternity spokesperson stated that:
“Created by blockchain development group Inmind, the platform enables complete traceability of medical cannabis from cultivation to harvest, down to packaging and distribution. This effort aims to raise security standards for international quality produce. Future developments plan to tap on the advanced features of æternity technology such as Oracles and State Channels.”
The Cannabis and Blockchain Industry
Similar to the blockchain industry, the cannabis industry is relatively new and growing rapidly due to increased legalization around the world. Last year, the US cannabis industry was able to make a whopping $52 billion in sales, with a 76% increase in cannabis-related jobs, making it a significant contributor to the growing economy in the United States alone. This growth is fueled by the rise in demand for medical cannabis, which can serve as a suitable natural alternative to traditional medicine used in treating several ailments. Now, experts are extrapolating that the legal marijuana market size may reach as high as $73.6 Billion by 2027. Such massive growth figures present new problems and opportunities.
Based on recent trends, it is evident that blockchain technology will play an essential role in addressing these new problems and providing solutions that will help enhance the global cannabis industry of the future. Aside from the UruguayCan cannabis blockchain app, several other blockchain projects are also gearing up to fix supply chain issues, enhance data transparency, and promote trust amongst stakeholders.
Some of these projects include the Wazabi blockchain initiative, which leveraged the power of Hyperledger Fabric to build “an irrefutable source of truth” to ease cannabis certification. Also, there is Paragon, a cannabis oriented blockchain solution that helps improve trust by authenticating products and confirming its legal status. HempCoin (THC), on the other hand, functions as a cannabis ecosystem with its protocols for operation. The ecosystem utilizes its native cryptocurrency, HempPAY, for making payments, HempTRAC for data tracking, and HempDEX, which acts as its global exchange platform. These companies are only scratching the surface, and as the industry expands, more blockchain startups with cannabis-focused solutions will continue to emerge worldwide.
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