The cannabis and blockchain industries have both come a long way. The cannabis industry has been advancing rapidly, since more jurisdictions have joined the trend of legalising its cultivation, processing, sale, and use for both medicinal and recreational use. The blockchain industry, on the other hand, has been advancing on the promise that it increases transparency and, thus, trust in transactions.
See the connection? For a long time, the cannabis industry has dealt with a lack of transparency in financial transactions and the entry of counterfeit products. So, how can blockchain solve this?
1. It Makes it Easier to Remain Compliant
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As a seller, there will be a lot of factors you want to look at, but one of the most important is complying with the different rules and regulations that govern the cannabis industry. Oftentimes, this means dealing with fake products that are introduced to the market under your brand by cunning dealers. If you’re wondering how to sell cannabis legally, one of the best solutions would be to start an online cannabis dispensary that’s backed by blockchain.
But how is that possible? Well, through mind blowing digital key solutions such as the one Dr. Green uses. This online dispensary opening services provider uses NFTs as digital keys to ensure product traceability and make it easier to confirm authenticity, with key pairs.
They will have a private key on their servers and a public key that can be presented as a QR code. Scanning that code will not only confirm whether the product is genuine but also provide detailed information about the process it’s been through.
2. It Increases Security and Privacy
Financial transactions in the cannabis industry come with their fair share of challenges, again from untrustworthy sellers and buyers. Luckily, you can use blockchain to promote the security and privacy of financial transactions in the cannabis industry.
Since the transactions are stored or based on a decentralized network, they will be much more difficult to tamper with, thus there’s a lower risk of fraud. Besides, blockchain adds an extra layer of control in transaction networks, so that only authorized parties are allowed to access detailed financial data.
3. It Promotes Consumer Confidence
As mentioned earlier, it’s possible to introduce blockchain-based scannable codes and similar technologies in the cannabis industry to promote transparency and give consumers a way to verify authentic products. Plant tags are tied to producer and retailer metadata, including key details such as business name, seller ID, location, and others.
When consumers are given an all-inclusive solution for confirming data accuracy and the genuineness of the products they are receiving, they will have a higher level of confidence in your brand.
4. It Supports Compliance and Reporting
Considering how heavily regulated the cannabis industry is, there is always a need to find effective solutions for navigating these regulation challenges. Blockchain offers a reliable solution for streamlining compliance and reporting processes. All the financial transactions related to a product, and in general, your business will be recorded for easy retrieval and confirmation.
What’s more, since a blockchain network makes it almost impossible to interfere with records, you are always sure of the integrity of your financial information history. Therefore, you can rely on it as far as enhancing compliance and reporting is involved.
Enjoy the Power of Blockchain as a Cannabis Retailer
When all is said and done, blockchain contributes quite heavily to the cannabis industry. What we have currently may seem revolutionary already, but there’s always more room for improvement. Interested in joining the cannabis industry and leveraging blockchain to help your business run seamlessly? Dr. Green makes that easier for you by eliminating the barriers to entry.
They handle the most difficult part so you only have to worry about looking for clients and selling! Sounds too good to believe? Well, why don’t you visit drgreennft.com to see for yourself?
