By
Mayowa Adebajo
March 12th, 2024
IBM announced intention to use blockchain technology in order to track marijuana sales.
From the first side such decision may be considered extraordinary as IBM is American multinational technology company that works generally with financial institutions. However, IBM plans to use blockchain technology for marijuana control is simple reply to British Columbia request.
It should be added, that Canada intends to legalize cannabis sales in 2018 and the country is ready to consider any suggestions in order to regulate all stages from “seed to sale”.
“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… Blockchain is a highly effective trust mechanism which uses a cryptographically-secure shared ledger to irrefutably track complex transactions amongst many known parties,” IBM said.
IBM blockchain process can help the British Columbia government to track and maintain pricing, selling, sourcing and distribution of marijuana.
“This type of transparency would bring a new level of visibility and control to the provincial regulators and provide assurance to the multitude of cautious stakeholders regarding the way the management of a cannabis supply chain is rolled out within British Columbia,” IBM added.
Surely, experience working with many financial, logistic and food giants can allow IBM to realize its forecast plans concerning marijuana control.
In October, IMB joined the Decentralized Identity Foundation (DIF). DIF includes companies as Microsoft and Accenture, such blockchain startups as Blockstack, Civic and its activity is based on the prerogative of data protection.
Earlier in October, four banking giants joined IBM in order to create a new global trade finance platform Batavia.
According to Fabio Keller, IBM project lead, new platform “will bring transparency and trust to each step of the trade process is what makes Batavia a platform with so much potential to transform the way companies around the world do business with one another.”
Moreover, IBM collaborated with food giants, including Walmart, Unilever, and Nestle in order to provide food safety using the blockchain technology. “Our work with organizations across the food ecosystem, as well as IBM’s new platform, will further unleash the vast potential of this exciting technology, making it faster for organizations of all sizes and in all industries to move from concept to production to improve the way business gets done,” general manager of IBM Blockchain Marie Wieck said.