The Canadian province of British Columbia is initiating public talk about using blockchain technology in tracking cannabis sales in the region.
BC’s provincial government started public consultation on marijuana’s legalization which is projected to take effect on July next year. Among the topics discussed was the potential use of blockchain, the same technology that underlies cryptocurrencies like Bitcoin and Ether, in the tracking of marijuana sales and distribution.
What is blockchain?
Blockchain is a secure method of recording data using a digital ledger system that is distributed throughout a wide network of computers.
This solid and secure way of data cataloguing allows for a safer manner of ensuring that the consumers are receiving safe products that abide by regulatory standards.
In a statement, IBM said that blockchain is an “ideal mechanism in which BC can transparently capture the history of cannabis through the entire supply chain, ultimately ensuring consumer safety while exerting regulatory control – from seed to sale.”
It is said to be a “highly effective trust mechanism which uses a cryptographically-secure shared ledger to irrefutably track complex transactions amongst many known parties.”
The use of blockchain in the distribution system makes it difficult for hackers to compromise the system or intercept data due to the cryptographic keys that secure them.
The use of e-coins is not particularly a new strategy among enterprises. Many have learned to incorporate the system into their dynamics, along with the rise of modern cybersecurity systems that seek to enhance financial distribution channels.