CIOApplications
static-image
  • Home
  • Applications
      • Bioinformatics
      • Business Continuity
      • Business Intelligence
      • Chatbot
      • Collaboration
      • Custom Software Development
      • CRM
      • Enterprise Reporting Software
      • GRC
      • Human Resource
      • Indoor Positioning
      • InsurTech
      • Intellectual Property
      • IT Operations Management
      • IT Service Management
      • Low Code Platform
      • Maintenance Management
      • Managed IT Services
      • MarTech
      • Master Data Management
      • Mobile Application
      • Order Management
      • Parking Management
      • Procurement Tech
      • Publishing Software
      • Remote Monitoring
      • RFID
      • Sales Tech
      • SAS
      • Software Testing
      • Task Management
      • Unified Communications
      • Workflow
      • Workplace Management
  • Verticals
      • BioTechnology
      • Construction
      • Contact Center
      • Education
      • Fintech
      • Food and Beverages
      • Government
      • Healthcare
      • Legal
      • Logistics
      • Manufacturing
      • Travel and Hospitality
      • Utilities
  • Technologies
      • Agile
      • API
      • Artificial Intelligence
      • Blockchain
      • CAD/CAM
      • Cloud
      • Cyber Security
      • Data Analytics
      • Data Center
      • Digital Transformation
      • Graphics
      • IoT
      • Machine Learning
      • Machine Vision and Imaging
      • Predictive Analytics
      • Robotic Process Automation
      • Simulation
      • Smart Labelling
  • Eco System
      • Adobe
      • Amazon
      • Esri
      • Google
      • IBM
      • Infor
      • Kubernetes Partner
      • NetSuite
      • Oracle
      • PTC Partners
      • Qlik Partner
      • Salesforce
      • ServiceNow
      • SiteCore
      • VMware
  • Vendors
  • News
  • Newsletter
  • Whitepaper
  • conferences
  • About Us
  • Specials

  • Menu
      • Business Continuity
      • Chatbot
      • Cloud
      • Collaboration
      • Contact Center
      • Esri
      • Human Resource
      • InsurTech
      • IT Service Management
      • Machine Learning
      • Manufacturing
      • Master Data Management
      • Procurement Tech
      • Robotic Process Automation
      • Salesforce
      • ServiceNow
      • Simulation
      • Software Testing
  • Contact Center
  • Collaboration
  • Chatbot
  • Esri
  • Simulation
  • InsurTech
  • Human Resource
Specials
  • Specials

  • Business Continuity
  • Chatbot
  • Cloud
  • Collaboration
  • Contact Center
  • Esri
  • Human Resource
  • InsurTech
  • IT Service Management
  • Machine Learning
  • Manufacturing
  • Master Data Management
  • Procurement Tech
  • Robotic Process Automation
  • Salesforce
  • ServiceNow
  • Simulation
  • Software Testing
×
#

CIO Applications Weekly Brief

Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from CIO Applications

Subscribe

loading
  • Home
  • Blockchain
Editor's Pick (1 - 4 of 8)
left
A Closer Look at Block Chain Technology

A Closer Look at Block Chain Technology
John Shea, CIO, Eaton Vance

Don't Start With Blockchain

Don't Start With Blockchain
Eric Redmond, Director of Global Technology Innovation, Nike [NYSE: NKE]

Blockchain: the path forward

Blockchain: the path forward
Kyle Culver, Director, Emerging Technologies, Humana [Nyse: Hum]

Blockchain to Revolutionize the Financial Industry

Blockchain to Revolutionize the Financial Industry
Safwan Zaheer, Director, Financial Services Digital & Head of FinTech, KPMG US

Riding the Blockchain Wave: Challenges and Opportunities

Riding the Blockchain Wave: Challenges and Opportunities
Eric Piscini, Principal Global Blockchain Leader, Deloitte

Blockchain Community Leader, I am part of the Innovation & Digital Transformation team that runs innovation initiative for CACIB

Blockchain Community Leader, I am part of the Innovation & Digital...
Xavier Laurent, Blockchain Community Leader for Credit Agricole CIB

Blockchain: The Paradox

Blockchain: The Paradox
Sean Khozin, MD, MPH, Associate Director, FDA

Blockchain, the real benefit behind the technology

Blockchain, the real benefit behind the technology
Rebecca Hofmann, Manager of Innovation, Equinor Chairman, OOC Blockchain Consortium

right

Thank you for Subscribing to CIO Applications Weekly Brief

Ensuring Regulatory Compliance in the Cannabis Industry with Blockchain Technology

By CIO Applications| Wednesday, July 24, 2019
Tweet

Blockchain TechnologyEffective regulation of cannabis selling and buying practices are a definite possibility through the use of blockchain. The industry can work out solutions and apply them to thwart hurdles.

FREMONT, CA: The technology of blockchain has all the ingredients to drive in changes for the better within the cannabis industry. Places where cannabis has been legalized for medical or recreational use ensure regulation concerning the amount bought in a day. It is crucial to regulate the use of the substance as a part of the population is prone to over-using it. The problems of acquiring cannabis and selling it in the black markets are also a significant concern. To overcome these hurdles, the authorities can incorporate blockchain technology.

The concern about illegality arises from two things, smurfing and looping of cannabis. Smurfing is more associated with the process of buying the legal amount of marijuana from one outlet and then heading over to another outlet for another buy. Whereas, looping is slightly different and has to do with a customer returning again and again to the same place many times a day. Both of these lead to problems as a customer exceeds the daily limit on how much one can buy. Regulating through rules like making bulk buying costlier and cracking down on black market trading of cannabis are one way to manage the problem.

The more efficient and convenient way of ensuring compliance to regulations is by making looping and smurfing impossible. The blockchain technology which has been used for dealing in cryptocurrency in the past is now being developed for a range of other applications. The cannabis industry can take advantage of the technology to streamline the handling, sales, and purchase and keep it legal. Blockchain allows transparent transactions, and through its immutable ledgers ensures that transaction histories cannot be manipulated. 

When the dispensaries selling cannabis are linked up and offer insights regarding individual consumer profiles, sellers can easily keep a tab on how much cannabis a person is buying, thereby enabling them to ensure compliance to the legal limits. For effective transaction-related communications, blockchain comes in handy. Curbing the illegal aspects in the cannabis industry is possible with the potential of blockchain technology.

Check out: Top RegTech Solution Companies

tag

Regtech

Weekly Brief

loading
ON THE DECK

Top Vendors

Field Service 2021

Top Vendors

Previous Next
Tweets by CIOApplications

Read Also

EPAM to Acquire PolSource to Scale its Salesforce Capabilities and Expand into New Markets

EPAM to Acquire PolSource to Scale its Salesforce Capabilities and Expand into New Markets

Destaco Launches TC1 Manual Tool Changer for Cobots

Destaco Launches TC1 Manual Tool Changer for Cobots

Four Business Challenges in Procurement

Four Business Challenges in Procurement

Five Trends Set to Transform the Contact Center

Five Trends Set to Transform the Contact Center

How the Weaponization of Artificial intelligence (AI) can Impact the Future of Humanity

How the Weaponization of Artificial intelligence (AI) can Impact the Future of Humanity

AiFi Announces Partnership with Wundermart to Launch Autonomous Convenience Stores

AiFi Announces Partnership with Wundermart to Launch Autonomous Convenience Stores

Loading...

I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

Copyright © 2021 CIOApplications. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy Policy |  Sitemap  |  Subscribe |  About Us

follow on linkedin follow on twitter follow on rss
This content is copyright protected close

However, if you would like to share the information in this article, you may use the link below:

https://www.cioapplications.com/news/ensuring-regulatory-compliance-in-the-cannabis-industry-with-blockchain-technology-nid-4741.html