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How will Canada regulate Cannabis? Blockchain.

How will Canada regulate Cannabis? Blockchain.

Canada’s Prime Minister, Justin Trudeau, has long promised to legalize Cannabis across Canada. This is set to come into effect in July 2018 but now eyes are turned to methods to regulate cannabis growth and distribution. This is where blockchain technology comes in.

Digital Journal reports that IBM has proposed, to Canadian officials, that blockchain technology should be used to regulate Cannabis. The government in British Columbia, a province in Canada, sought guidance and suggestions from the general public and businesses. Through a survey they asked for thoughts on “minimum age, personal possession limits, public consumption, drug-impaired driving, personal cultivation, and distribution and retail models.” Additioanlly, they accepted written submissions from organizations.

IBM’s succinct 4-page organization input suggested the use of a blockchain ledger, not only to record sales but to track the product from farm to table, as it were. The data that would be generated by every movement each and every crop would allow regulators to understand more about use, supply and demand. Thereby, should the data be used effectively, enabling the government to not only regulate cannabis but to make fairly accurate demand projections in an ultimately more efficient method.

The added benefits of the transparent nature of a public ledger will also allay the fears that some may have about fraud or criminal distribution of cannabis. As IMB have stated: “This type of transparency would bring a new level of visibility and control to the provincial regulators… The core to those supply chains is the same, assuring health and safety of consumers, preventing fraud and counterfeiting while creating a foundation of transparency upon which to base regulation.”

This is just another in a long list of applications that blockchain is being earmarked for across the world. Check out what we have said previously about diamonds and real estate.