“Perfect Use”: Canadian Crypto Startup Puts Marijuana On Blockchain

“Perfect Use”: Canadian Crypto Startup Puts Marijuana On Blockchain 1

Capitalizing on Canada’s formal legalization of marijuana and weed-related products for recreational use, a fintech company situated in the US’ northern neighbor has revealed plans to track cannabis through a blockchain-based solution.“The Perfect Use For Blockchain Technology”On October 17th, Canada became the western world’s first country to legalize the recreational use of marijuana in a surprising turn of events. Taking to Twitter to announce the news, Justin Trudeau, the forward-thinking 23rd prime minister of the nation, expressed that this drastic change was done in a bid to keep “profits out of the hands of criminals” and to “protect” local youth populations.Profits out of the hands of criminals. Protection for our kids. Today #cannabis is legalized and regulated across Canada. pic.twitter.com/0ZxtohOHG0— Justin Trudeau (@JustinTrudeau) October 17, 2018
In tandem with the regulatory action, Vancouver-based DMG Blockchain Solutions Inc. issued a press release to reveal that it had commenced development on a blockchain-centric supply chain management system for the cannabis industry. Per the release, DMG, which is advised by Litecoin creator Charlie Lee, explained that it is currently in active discussions with key participants in this budding industry, which has been likened to the crypto market on multiple occasions.More specifically, the startup explained that it, along with its technology and finance collaborators, are looking to ink partnerships with “major licensed producers, quality assurance labs, retail distributors, and government regulators.” Taking into account that blockchain is undoubtedly a global phenomenon, the announcement revealed that DMG intends to onboard a multitude of “significant industry players” in a bid to ensure that its supply chain solution is ready for deployment in Canada and in global marijuana markets.This blockchain-focused solution, which doesn’t have a formal name at the time of press, will include a variety of capabilities, which include: onboarding new market participants, automating the marijuana supply chain through smart contracts, triggering product recall for the safety of consumers, and integrating licensed industry players. While DMG’s plans are ambitious with a doubt, no details were given on the firm’s timeline to test and launch the product.Still, seeing that Canada’s local cannabis industry is expected to swell to a $23 billion valuation, it makes sense that the startup is making moves to announce its plans now. Moreover, considering the reports that indicate that the global marijuana market is likely to eclipse a $500 billion valuation in the near future, DMG’s move to monetize this space early-on is likely to produce mounds of dividends.Speaking at CambridgeHouse’s recent Extraordinary Future conference in Vancouver, CEO Daniel Reitzik, who called the cannabis-related venture “the perfect use for blockchain technology,” noted:“The first use of blockchain was Bitcoin and cryptocurrencies, but, the perfect use of blockchain technologies is actually supply chain management, especially for controlled substances like marijuana. So what we are doing is building a highway; we’re building an infrastructure for an unprecedented use of blockchain to manage the global supply of cannabis.”Reitzik added that this is far more than just a distant ambition, pointing out that its unnamed primary technology partner, which reportedly holds a spot on the Fortune 100, has “three years of extensive experience in the cannabis [and blockchain] space,” which is second only to its pivotal relationships with regulators and firms. Touching on the federal government’s vision of marijuana in Canada, the CEO added that Cannachain, as he dubbed the system, will keep the formerly-illicit good out of the hands of criminals and youth through the transparency that blockchains have become known for.To sum up DMG’s ambitions in one simple statement, as put by Reitzik himself:“So just like there’s one global blockchain that manages Bitcoin, there is going to be one global blockchain that manages cannabis.”Featured Image from Shutterstock

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 63,348.00
ethereum
Ethereum (ETH) $ 4,114.80
binance-coin
Binance Coin (BNB) $ 476.96
tether
Tether (USDT) $ 1.01
cardano
Cardano (ADA) $ 2.17
solana
Solana (SOL) $ 183.78
xrp
XRP (XRP) $ 1.11
polkadot
Polkadot (DOT) $ 43.13
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.24618
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 63,348.00
ethereumEthereum (ETH)
$ 4,114.80
tetherTether (USDT)
$ 1.01
bitcoin-cashBitcoin Cash (BCH)
$ 630.94
litecoinLitecoin (LTC)
$ 199.94
bitcoinBitcoin (BTC)
54.370,00
ethereumEthereum (ETH)
3.531,63
tetherTether (USDT)
0,866858
bitcoin-cashBitcoin Cash (BCH)
541,52
litecoinLitecoin (LTC)
171,60
bitcoinBitcoin (BTC)
45,970.06
ethereumEthereum (ETH)
2,986.01
tetherTether (USDT)
0.732932
bitcoin-cashBitcoin Cash (BCH)
457.86
litecoinLitecoin (LTC)
145.09

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021

Blockchain/Cryptocurrency Questions and Answers

ICo Presale
The Science Behind ICO Presales…
October 14, 2021
Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin62,816 0.19 % 6.03 % 9.27 %
Ethereum4,083.2 0.59 % 1.15 % 13.24 %
Binance Coin472.97 0.58 % 6.40 % 0.72 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Cardano2.160 0.36 % 1.79 % 1.49 %
Solana182.00 0.07 % 4.88 % 22.65 %
XRP1.100 0.21 % 4.57 % 2.72 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2445 0.32 % 4.25 % 5.06 %
USD Coin1.000 0.14 % 0.20 % 0.17 %

bitcoin
Bitcoin (BTC) $ 63,348.00
ethereum
Ethereum (ETH) $ 4,114.80
binance-coin
Binance Coin (BNB) $ 476.96
tether
Tether (USDT) $ 1.01
cardano
Cardano (ADA) $ 2.17
solana
Solana (SOL) $ 183.78
xrp
XRP (XRP) $ 1.11
polkadot
Polkadot (DOT) $ 43.13
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.24618