BLOCKStrain Technology Corp. (TSX-V: DNAX.V) has developed the first integrated blockchain platform that registers and tracks intellectual property for the cannabis industry. Strain protection and genetic identification are major issues for growers and breeders, and this new technology allows them to identify and secure rights to their valuable intellectual property (IP). The BLOCKStrain platform also streamlines the administrative process of genetic and mandatory quality-control testing for legal cannabis, cutting the administrative time and expense in half.
BLOCKStrain’s proprietary, immutable, cryptographically-secure blockchain-technology establishes a global ‘single source of truth’ for cannabis strains, their ownership, potency and chemical makeup. In an industry where a popular strain can be worth millions of dollars, quantifying genetics, potency and equivalencies between cannabis products is crucial to the future of legal marijuana. BLOCKStrain delivers needed transparency to growers, retailers, regulators, and consumers in who have struggled to find realistic solutions to these logistical challenges.
The good news is that the blockchain technology implemented by BLOCKStrain is ideally suited to solve these kind of problems by implementing an immutable and non-corruptible record of transactions.