Article by Deja Leonard, Lift News
Blockchain technology is a public, decentralized ledger where verified information cannot be deleted. Each ‘block’ of information is added to the chain in chronological order without the need of central record-keeping. It offers a variety solutions to the current challenges in the cannabis industry, particularly in the United States, where cannabis is legal in some states but not federally, said Daniel Cheine, co-founder and account manager at CannaSOS.
“Many business just can’t work with banks, and so they’re looking for different payment solutions,” he said. “The main way you can get around that is through blockchain technology because not only is it quick, but at the same time it is a universal platform.”
Cannabis companies across North America have already adopted blockchain. Here’s how they’re using it:
Many cannabis businesses operating in legal states can only accept cash because of the banking challenges, which puts company revenue at the risk of been stolen or seized. PotCoin provides a decentralized banking infrastructure to the underserved legal marijuana market. By accepting PotCoin as payment, companies can easily transfer funds from customer’s digital wallets into the companies wallet, keeping both the customer and the company safe. Other advantages include low fees and avoiding exchange rates.
Smoke, and get paid. Repeat. Smoke.Network is a cannabis social network that rewards users with their cryptocurrency, SMOKE coins, for creating and curating original, cannabis-related content. The decentralized application will allow data to be stored safely on chain, allowing users to avoid censorship and reap the benefits of sharing great content. SMOKE coins can be stored in an onsite wallet or transferred away from the site.