æternity announced a partnership with Uruguay Can, Uruguay’s leading Cannabis producer, to implement a blockchain-based supply chain tracking solution. The goal is to increase security for both producers and consumers.
Marijuana made in Liechtenstein? Probably not, the alps are too cold to grow Cannabis. But a blockchain-based Cannabis supply chain platform made in Liechtenstein, that sounds more like what we do around here.
Whatever views you have on smoking pot, Liechtenstein-based æternity is going to contribute to the build-up of the industry. æternity has announced a partnership with Uruguay Can, an Uruguay-based Cannabis production company.
æternity will track Cannabis strains from seed production to the final product
Today, Cannabis is still illegal in many countries and jurisdictions. That’s why most of the global trade happens via black markets, which puts users at risk because the quality of these products is not guaranteed.
æternity’s solution will enable the registration and tracking of Cannabis strains from seed production to the final point of sales. The idea is to provide “security and confidence about the quality of medical and recreational Cannabis,” reads the press release.
To achieve this goal, æternity and Uruguay Can want to combine blockchain technology and IoT (Internet of Things) technologies to create an end-to-end supply chain tracking solution. Pablo Coirolo, CEO of æternity Americas says, “æternity technology is ideal for tracking the entire Cannabis production process, from seed to full plant growth, throughout the entire supply chain, which ensures consumer safety while complying with regulations.”
Uruguay has been a pioneer in legalizing marijuana and was the first country to completely legalize its production and sale. As the implementation of the platform will happen in Uruguay, there are no legal concerns. The first implementation phase will begin in October and is expected to be completed by January 2020. The full implementation is planned for the middle of 2020.
Cannabis tracking is an ideal blockchain use case
Coirolo says, “We want to be the first to offer a business-level solution in partnership with leading technology providers and Cannabis producers, processors, and distributors.”
They are not the first; other companies have already started similar initiatives. That’s not surprising, because blockchain technology is the ideal solution for Cannabis supply chain tracking. Cost-effectiveness and transparency are key challenges for producers and users alike. Blockchain technology tackles exactly these issues.
On a blockchain-based tracking solution, each product can get a QR Code, so producers and users can verify the origin and quality, rate the product, and share reviews. That means both consumers and producers are protected.
Producers could also store strain genetics in a blockchain-based smart contract. During each processing stage, more data can be added. If pesticides are found, the source can be identified quickly, and products can be recalled.
Coirolo explains, “The ability to trace the source and the way Cannabis is produced is beneficial for both the Cannabis and pharmaceutical industry as well as its consumers and end-users, who should feel more secure about the product that they are consuming.”