The number of use cases for blockchain technology is virtually unlimited. Different opportunities are waiting to be explored as we speak. One of these ventures involves IBM and the legal marijuana industry. An interesting turn of events, although this venture makes a lot of sense as well.For now, the focus of this project lies on British Columbia. An intriguing testing ground for a new blockchain-based venture of this magnitude.

Most people may not be aware of some recent developments in Canada. More specifically, the region aims to legalize weed as soon as 2018. To do so, new infrastructure is needed to manage and sell the marijuana supply. That is much easier said than done. None of the existing solutions seem to fit the bill well in this regard. IBM thinks blockchain technology can make a positive impact in this regard. So far, the British Columbia government seems to agree.

An Interesting Proposal by IBM

It is no secret IBM has heavily invested in blockchain technology. Their commercial platform has received a lot of recognition over the past year and a half. A public ledger can be used to store information and track virtually anything. Legalized marijuana supplies are an option well worth exploring. Keeping tabs on where weed comes from and where it ends up is an integral part of the legalization process. Although this is still just a proposal, there seems to be genuine excitement.

At the same time, this idea is not new by any means. Over in the United States, a similar service exists already. Then again, this particular venture would be on a much bigger scale than the American project. An entire state using blockchain-based marihuana tracking is something else entirely. The blockchain can aid in protecting young people, safety, and health. Plus, it should help keep the criminal element out of cannabis.

Surprisingly, this proposal by IBM doesn’t involve their proprietary technology whatsoever. Instead, the company acknowledges any type of blockchain is well-suited for this specific purpose. Using such a solution can result in analytical trends waiting to be explored. There is also an opportunity to generate predictive insights, assuming the technology is used properly. It will be interesting to see what comes of this project, to say the very least.

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About Author

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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