IBM is promoting the use of blockchain technology in the legal distribution of cannabis.
The feedback was issued as the Canadian province prepares a regulatory framework for a legalized cannabis industry. According to official statements, the province plans to make non-medical cannabis legal by July 2018.
Describing the technology's key features, including its transparency and immutability, IBM noted that blockchain would assure the health and safety of consumers through "provenance and traceability" of products throughout the cannabis supply chain, thus eliminating fraud.
The document added:
On a concluding note, IBM stated that blockchain could help the provincial government "take control" of product sourcing and sales, thus helping eliminate black market sales "completely."
Cannabis image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups 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, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.