- BLOCKStrain is poised to lead the charge in providing accountability and transparency in the multibillion-dollar global cannabis market
- BLOCKStrain’s solution will help protect the intellectual property of cannabis cultivators – a service greatly needed in the burgeoning industry
Pioneering into new market frontiers brings the need for innovation and regulation, and BLOCKStrain Technology Corp. (TSX.V: DNAX) (OTC: BKKSF) addresses one of the newest and hottest industries in the marketplace – cannabis.
BLOCKStrain, a full-service software company, stands out in the market as the developer of the very first integrated blockchain platform designed to register and track cannabis intellectual property from genome to sale. The company’s proprietary, immutable and cryptographically secure platform provides a single source of trust in the cannabis industry, delivering an accurate, validated and permanent means of tracking cannabis strains across the full supply chain.
The need for BLOCKStrain’s solution becomes ever more crucial as the cannabis market expands worldwide and as the need for supply chain verification increases. As major cannabis players enter the industry and establish their brands, real-world problems continue to emerge, such as:
- Illegal growers copying major brands in cannabis dispensaries;
- Failed lawsuits regarding intellectual property; and
- Gray market cannabis products passing as legal products.
While supply chain transparency and verification are ongoing issues for various industries, in an emerging industry like the cannabis market, in which regulations are still being established and the proverbial kinks are still being worked out, the need for a reliable means of seed-to-sale tracking is even more acute.
Until recently, cannabis products were largely available only on the black market. As cannabis availability and legalization now continue to expand worldwide, heavy regulations and new standards are emerging to help ensure a safe supply for consumers. BLOCKStrain’s solution answers the call for a trusted means of tracking cannabis products from their source and ensuring origin, product testing compliance and safety.
BLOCKStrain’s solution addresses various unique challenges currently faced in the cannabis industry, including:
- Mandatory Testing: The company’s platform and lab-testing partners offer a process that is streamlined and more efficient, greatly reducing administrative burden and enabling products to be brought to market more quickly.
- DNA-Based Product Validation: BLOCKStrain’s underlying technology creates a genetic fingerprint that enables electronic product identification and validation. This allows anyone along the supply chain, including consumers, to view a product’s complete history.
- Intellectual Property: A key feature of BLOCKStrain’s solution is its ability to help protect the intellectual property of cannabis growers—something that will increasingly be needed as the industry continues to evolve. For instance, if a craft grower develops a distinctive strain that becomes popular among consumers, BLOCKStrain’s platform can facilitate IP protection through a simple registration of the strain’s genome. This creates a permanent record that is readily available in case of future IP disputes, ensuring that proper parties receive licensing fees for use of their IP.
Through its delivery of this innovative, comprehensive, secure and community-driven genetics archival platform, BLOCKStrain is well-positioned to lead the charge in providing much-needed accountability and trust within the multibillion-dollar cannabis market.
For more information, visit the company’s website at www.BLOCKStrain.io
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