Blockchain technology is about to be harnessed by the cannabis industry with the formation of a new company, Massroots Blockchain Technologies, which is pioneering the move.
Denver-based MassRoots, a leading social networking platform for the cannabis community, announced on Friday it formed Massroots Blockchain Technologies as a subsidiary.
The new company aims to harness the efficiency provided by the revolutionary technology for the regulated cannabis industry which is estimated to grow to around $22.6bn by 2021 according to ArcView research.
MassRoots CEO, Isaac Dietrich said, “We believe blockchain has the potential to enable the cannabis industry to operate more efficiently, accountability, and with a greater degree of transparency.”
Greater efficiency and targeted use
Blockchain technology has the ability to assist the cannabis industry across a spectrum of its activity from seed to dispensary. It includes a greater degree of accuracy in seed-to-sale tracking; automatic execution of contracts when certain parameters are met and it will seek to cut out the middle man in a transaction enabling peer-to-peer transactions.
MassRoots Blockchain Technologies is also hoping to gather the great amount of metadata collected on its users as a way to target consumers by advertisers and to reduce risk of security breaches.