Please check out latest news, expert comments and industry insights from Coinspeaker's contributors.
Paragon believes that Blockchain technology can be the driving force of global cannabis legalization.
With the Cannabis industry stuck somewhere between legal and still very much part of the black market, Paragon believes that heavy regulation and standardization can push it over the stigma-filled edge. It is the use of blockchain technology that they hope will get the controversial plant to a point where it is inline with Big Pharma.
Currently, even where Cannabis is legal, the economic ecosystem is poorly regulated, very marginalized and totally fragmented. The growers, the labs, the distributors are all working their own systems with no checks and balances.
Paragon believes that the Blockchain technology that is making waves in terms of disrupting traditional economy models can be the future for an industry that has a huge gap to be filled by technology such as this.
While the benefits and health properties of Cannabis come more into the mainstream and the light, and it is recognised by more state governments in the US, there is very little being done to standardize the industry,or even regulate it.
Paragon wants to be the ones who step in and take this black market business forward and onto the Blockchain. They beleives that if there is a strong standardization of the entire process of seed to distribution, the stigma of Cannabis will dissipate.
The use of an immutable distributed ledger will allow for information about the seeds, the plants and even the fertilizer and water quality, to be freely available to users and buyers.
By doing this, shady dealings associated with other drugs which are unregulated will no longer be attached to Cannabis and a drive for global legalization can really begin.
A Disruptive Technology
Blockchain technology has been successful, and praised, for its ability to disrupt traditional market, such as banking and a number of other that are being discovered almost daily.
With Cannabis having no traditional, legal, market, there is a huge gap in the market for Blockchain technology to fill. And additionally, there is no threat of fight back and heels digging in by putting this burgeoning economy onto the Blockchain.
Paragon believes that Blockchain technology will not only show that the Cannabis industry deserves to be on the white list, alongside Big Pharma, but it will also allow it to expand exponentially.
Cannabis Safe Spaces
It is not only Cannabis growers and sellers that suffer at the fate of outdated laws, it is entrepreneurs and businesses surrounding the controversial plant that have issues with the legal framework.
Paragon hopes that by putting the production, lab testing, and distribution on the blockchain, there will also be a spike in innovation and globally awareness.
Paragon’s idea for boosting a marketplace of innovation around Cannabis is to create Paragon spaces which are essentially co-working spaces in order to help grow that industry through innovation.
Using their paragon Coin, the company also believes that the men on the ground growing and selling can receive funds without fear of legal ramification, but also the innovators can interact globally through the use of this specialised digital currency.