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Blockchain Coming to Assist Cannabis Compliance?

July 7, 2017

 

What do IOT connected cars have to do with cannabis? Not too much...until now. The same company that uses blockchain technology to secure the data traveling to and from connected cars, CyberCar, is now going to apply their blockchain expertise to the marijuana industry. 

 

What is Blockchain? 

 

 

 

Blockchain is a very complex technology being tested and used for a wide variety of applications including banking, voting and beyond. Blockchain keeps an unalterable ledger of important data events that require trust, authenticity, and verification. Many are familiar with blockchain technology due to its role in the Bitcoin cryptocurrency. 

 

How Can Blockchain Help Cannabis?

 

CyberCar usually works with data from connected cars. Now, the company announced that they are beginning a pilot program this month with WebJoint, a provider of software-as-a-service (a.k.a. "SAAS") compliance software for marijuana delivery companies.

 

Currently, WebJoint offers dispensaries and delivery companies a cloud-based system that allows them to handle compliance issues ranging from patient verification to online stores and point-of-sale systems. 

 

 

 

The new pilot program will allow WebJoint to offer their clients regulated compliance on their product being transported, the delivery vehicles, and most importantly the drivers through reporting automatically created from CyberCar's blockchain data.

 

"Compliance reporting has always been the largest hurdle for the cannabis industry," said Chris Dell'Olio, CEO and Founder of WebJoint. "With CyberCar embedded in our solution, we are able to totally automate all municipal and state reporting requirements."

 

When Does it Start?

 

The CyberCar x WebJoint test initiative kicks off in this month, and the companies will be ready for new customers by the fourth quarter of 2017. Two of WebJoint's existing customers will be taking part in the pilot program, which will involve a total of 10 delivery vehicles.

 

"By blockchain-enabling data coming off cargo, vehicles, and drivers, we provide an immutable source of data for multiple parties to view and trust," said Pat Kennedy, CEO and Founder of CyberCar. "We are thrilled to work with WebJoint to prove out this technology in the Cannabis industry."

 

Conclusion

 

It will be exciting to see how the blockchain technology can improve the cannabis industry. Blockchain is without a doubt one of the most disruptive technologies at the moment, and it would not be surprising if it took the cannabis industry by storm. Be sure to subscribe to one or more of The Daily Marijuana Observer's free e-mail newsletters so you never miss an important cannabis business update. Also, don't forget to connect with The Daily Marijuana Observer via social media on Facebook, Twitter, Stocktwits, and Instagram.

 

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