Blockchain Technology Will Revolutionize Authentic Track & Trace In The Cannabis Industry
Updated: Apr 26, 2020
In a digitized world is it too far off to believe that integrative platforms and technologies such as #Blockchain could or would revolutionize the way we interact with data, users, transactions, records and more? Let's be honest much like #MedicalCannabis, Blockchain has had its equity share of stigma surrounding its name. Two conversations I take on personally in my work at #Aegisbiotechnologies as a tech developer in Blockchain but also medical cannabis research.
I often hear people ask "isn't the Blockchain a cyber silk road for illegal transactions and internet of things dark web? Well, like with anything there can be abuse cases used to halt the progress of any great innovation and technology, such as Blockchain. Today we hear and experience vast challenges facing our data and how we interact with others and access our data. We see our internet overloaded with third-party interest to acquire and secure data to advance their bottom-line monetizing others information leaving again Users exposed and vulnerable to security breaches.
As we know today top companies have been compromised and data breached from #ransomware, #malware, and others from outside sources, some from stolen or lost computers, while others have been internally jeopardized from former employees. Here are just a few the top #databreaches.
2013 - Yahoo in the Billions, Target 110 Million
2014 - Ebay 145 Million, JP Morgan 76 Million, Home Depot 46 Million
2015- Anthem Blue Cross 78.8 Million
2016- Adult Finder 412 Million
2017- Equifax 143 Million
2018 - Marriott Hotel 500 Million, MJ Freeway (#Cannabis #TrackandTraceSoftware)
There seems to be nothing sacred as it relates to #data, from companies selling it or enabling breaches for monetary reasons, to just bad agents seeking to infiltrate and sabotage systems for self-gain. At the end there are always those whose short-term goals are RTI that are narrow in scope, because technology should grow and not diminish in relative ways, and without a long-term traction goal to keep users engaged or interested, the future of Investors fear could prevail over business owners and operators that demonstrate no long term solution with data and privacy. The costs are greater I believe for those companies who choose to do short term returns on their businesses never mapping out a long-term solution enabling scalable success with systems not repaired in critical ways that stifle growth and market share.
We have seen every industry from Banking, healthcare, social media to top retailers and Governments more exposed than ever before, leaving no recourse for those victims of abused data or lack of access to own data. It is now time for something new and innovative to rescue the compromised superhighway and its users.
If you plan to profit in technology one would assume you need to stay engaged with the market to lead with systems that advance and add value not add to the dilution and loss on the P&L.
Today we still have silo servers so vulnerable to breaches and this is where Blockchain can truly be a lifesaver, the liability for many has been too great not consider other options that are more progressive and functional with less risk and more transparency. When you consider the little amount of skill and time it takes for systems to be compromised you can understand the problem is one that must be addressed if technology intends to be a player in the future for how we advance as a society.
We know how incredibly important user engagement is and so when we lack the platforms to demonstrate safe and secure systems, companies soon discover the bandwidth of users reduced, and those very consumers then create solutions outside traditional infrastructures, i.e.: Blockchain, PayPal, and others to solve their problems with success. I might mention the technology is increasing in participation and popularity.
As a solutionist in both science and technology, I pride myself on progressive ideas, living with a relentless pursuit to discover future innovations by breaking down pain points felt within the user experience and developing a response that is relatable and reliable in development. I see brilliant opportunities to bridge commerce, security, ease of use, and data management into one platform such as Blockchain and that is fabulous news for a desperate market. I believe old dinosaur systems will be challenged to succeed when compared to what Blockchain can offer. As I see it everything great at some point begins from inception to innovation it merely takes education and integration to succeed.
One of the great appeals to the Blockchain is its health and stamina staying true to its intentional design. The platform is incredibly immune to free radicals seeking to destroy its capabilities, and I think that is worth further research to explore additional entry points and identify other opportunities with Blockchain.
The Blockchain today is showing immense promise at solving real-time problems for the Cannabis industry. You might believe that this technology is not yet ready for integration, but I can assure you it is. Just to give some scale at present States and Governments are accepting #Cryptocurrency to pay Property Taxes and so much more with digital currency and Blockchain demonstrating the future of banking and global communications is integrating industries. This technology is merging markets never before fused with Banking, and other Industries changing the analog landscape which for me is very exciting to know I am part of history in a revolutionary way in technology and science.
I think challenges facing both State Regulators and Operators within the Cannabis industry will be to find turnkey solutions that can assure 100% accessibility to contracted system providers and providing ample security that protects Users from falling off of the network to #cybersecurity concerns, and data ransomed or non-accessible. With the industry already apprehensive to share their data with those above ground, this adds to their worry and disables the complaint process when data cannot be secured for fear of #privacy breaches for all within the supply channel.
Today there are real case studies of such concerns, and the reality of what options are available has hindered progress. With the demands placed on Operators today giving them 24-72 hours to input daily data, this creates many issues for those investing in the "technology" and those using the technology for compliance and commerce purposes. Temperatures rise when business and commerce are disabled. The industry today has already begun push back seeking "workarounds" and are tempted by other progressive options easing the burden on the workflow and bottom line.
The current model for many companies is defective setting them up for destination "Silo Island" sadly to live out its life in isolation due to fear of integration. How ironic in a world that promotes "bridges" not walls, why wouldn't our data be the same.
To give some perspective for those not familiar with the Blockchain, let me quickly summarize the development and ideal use of the platform and why I believe this will be the foundation of all connected data and interaction.
Blockchain was developed by #Satoshi Nakamoto in 2008, An individual regarded as the "unknown," a pseudo but most assume a group of collaborators developed the project and platform, ironically to this day we do not know the identity of the developer(s).
The Blockchain is simply a distributed ledger with data input once and reads only after that of that specific record or any digital events or transactions on the peer to peer network that is time stamping every chronological episode or event.
The Blockchain records transactions and exchanges within a database that can be open sourced data or privately shared across the platform with authenticated users adding to the chain of information, when necessary. What makes Blockchain so niche is the approved User cannot delete, revise any record, and or alter in any way a transaction once the data input has been authenticated. The transparency of the data and its integrity to the rule adds a new level of value propositioning to those who have experienced their data compromised or stolen with zero recourse for the User. This immune platform has increased in popularity with Security teams and Organizations seeking to protect and ensure their consumers/users remain loyal to their brand association in appreciation for privacy and security demonstrated as a top priority. I applaud this method because as I always say sustainable and scalable solutions are met when consumers and user market needs are fulfilled where they are.
Blockchain technology can transform the Cannabis ecosystem by increasing security, privacy and true #interoperability of data which effectively reduces costs not only to the subscriber but also to the provider. It can replace fear with functionality and enable growth back into the market both State and compliant organizations in track and trace will find a healthy ecosystem that can benefit both, but today we see resistance due to high costs of integrating platforms that fail and Clients pay for the experience of what it's like to not have functioning systems which then costs them more with rising concerns of compliance and meeting standards directed to the industry.
Some of the challenges states like California face when it comes to compliant "track and trace" is on-boarding after many operators are skeptical to interact due to systems not available to having to manually conduct the work to a system failing, or going offline, nothing could be more frustrating for a new business owner seeking to remain compliant not being able to access their data or input daily tasks and transactions in a system that demands 100% compliance to begin.
The #chainofcustody from #seedtosale remains a challenge for those using systems that promise more and provide less causing strain (no pun) between all parties from molecule to market. If we are going to ever advance as a global contender, we must participate in the future advancements shapeshifting from old skins to new ones as we transform how we interact with data and security.
You can have all the great characteristics in your software program but if data is not accessible this disables efficient and effective workflows, causing additional harm to businesses with the enforced costs of having to use the system, then to have the systems compromised or inoperable this impedes commerce and becomes a growing concern as organizations are forced to bring on additional staff just to handle the analog process in a digital world. I find it ironic when technology should make this smooth not difficult yet here we are, ten years into smart technology and yet who is the smart one, the User or Provider?
It is amazing all the Blockchain can enable in data security, management of data, throughout the supply chain and logistics. If given the chance I am confident Blockchain will not only meet market needs, they will exceed expectations. The future is disrupting technology today!
Today as I consult and advise companies from startup to existing organizations, and Governments it is my goal to help identify opportunities to integrate Blockchain and open interoperability with this technology as a solution. A speed to market that is efficient and secure is the new face of technology. I believe our work will enhance lives and enable greater protection and security for those adopting and engaging in global commerce from every sector and industry and I look forward to always leading from the front.
If you are seeking more information or need help to identify if Blockchain is right for your business or industry, reach out to our development team Connect@aegisbiotech.com as we love helping integrate turnkey #solutions for each precision process in business. Together we can create awareness and education to bridge innovation and technology in ways that advance the future of our lives in meaningful ways.