Kadena Blockchain Taps Healthcare Data Firm to Track Medical Cannabis Product

The first application on Kadena's public blockchain is a tracking platform for CBD oil.

AccessTimeIconDec 6, 2019 at 9:00 a.m. UTC
Updated May 9, 2023 at 3:04 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The first application on Kadena’s public blockchain is a tracking platform for CBD oil.

The platform is expected to launch after Kadena’s smart contract becomes fully functional on Jan. 15, 2020.

  • How NEAR Enables Multichain Access From One Account
    00:56
    How NEAR Enables Multichain Access From One Account
  • Why the NEAR foundation Chose Eigenlayer as a Security Partner
    00:54
    Why the NEAR foundation Chose Eigenlayer as a Security Partner
  • Judge Kaplan Had 'No Love' for Sam Bankman-Fried, Legal Expert Says
    07:08
    Judge Kaplan Had 'No Love' for Sam Bankman-Fried, Legal Expert Says
  • How Bitcoin and Ether's Options Contracts Combined Expiry Could Spike Volatility
    01:11
    How Bitcoin and Ether's Options Contracts Combined Expiry Could Spike Volatility
  • The cannabis project is only the first step for Kadena to tap into the multibillion-dollar healthcare industry, Will Martino, the firm’s CEO, said in an interview.

    “We have much greater visions that include putting together a much larger healthcare data marketplace,” Martino said.

    In the long term, Kadena hopes to achieve this goal via a partnership with Raleigh, N.C.-based Rymedi, a technology firm that provides data services for pharmaceutical, healthcare and other life-sciences companies and institutions.

    In particular, Kadena and Rymedi could provide clients with an immutable and auditable record-keeping platform that could accelerate the drug approval process with the U.S. Food and Drug Administration (FDA). 

    Consumers will be able to scan QR codes on products and look up production records. Using prospective consumer feedback, Martino said Kadena could launch a similar platform for prescription drugs in the future. 

    “This validates purchasing and authenticity, especially useful in geographies and industries where fraud and quality concerns remain potentially life-threatening issues,” Kadena said in a statement.

    In April, Rymedi became one of the members of an FDA-approved consortium to study the use of blockchain technology to track and verify specialty prescription drugs in several U.S. states with a focus on intra- and inter-health system medication transport and usage.

    “With their deep experience in financial markets and transaction data, Kadena is a uniquely aligned partner for us,” Rymedi CEO David Stefanich said in a statement.

    Kadena claims to have one of the most scalable proof-of-work platforms for facilitating cross-chain transactions. The firm announced mining on its mainnet had begun on Nov.4 with plans to raise an additional $20 million in a November token sale.

    The firm will enable miners to trade KDA tokens on Dec. 17. People can use Kadena’s smart contracts with the tokens starting on Jan. 15.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.