IBM urges Canada to use blockchain in legal cannabis distribution

By Jonathan Dyble
Technology multinational IBM has recently issued a document, entitled 'BlockChain: an irrefutable chain of custody audit for the seed to sale of cannabi...

Technology multinational IBM has recently issued a document, entitled 'BlockChain: an irrefutable chain of custody audit for the seed to sale of cannabis in BC', urging Canadian authorities to apply blockchain technology within the legal distribution of cannabis.

The proposal was aimed at British Columbia, with the province in the midst of preparing its regulatory framework for the distribution of cannabis.

See also:

Within the report, IBM advocates that the use of blockchain within the cannabis supply chain, from seed to sale, would have a significant impact in the way of counteracting its illegal distribution.

“IBM suggests Blockchain is an ideal mechanism in which BC can transparently capture the history of cannabis through the entire supply chain, ultimately ensuring consumer safety while exerting regulatory control – from seed to sale,” IBM states.

This is for three key reasons: it is a technology that can be distributed across an entire network, transactions are immutable once in the ledger, and it is transparent, ensuring a consensus between all parties.

“Blockchain is rapidly becoming a world leading technology enabling the assured exchange of value in both digital and tangible assets, while protecting privacy and eliminating fraud,” the report continues.

“Its relevance to regulating cannabis is similar to its many chain of custody applications in areas such as pharmaceutical distribution and food chains. The core to those supply chains is the same, assuring health and safety of consumers, preventing fraud and counterfeiting while creating a foundation of transparency upon which to base regulation.”

Although blockchain remains a relatively new and evolving technology, many parties, including IBM, are recognising its benefits across a number of industries. JPMorgan has recently launched its own blockchain-based network, whilst R3 has partnered with 22 leading banks to create an international payments network.

Further, with such big name firms adopting the technology, Ivy League schools in the US have started offering blockchain-specific courses, as it remains clear that it will remain a large part of the world of technology throughout the coming decade.

Share

Featured Articles

Cloud & 5G - Day 1 highlights from the in-person stage

TECH LIVE LONDON returned to the Tobacco Dock last week. The stage host and Technology Magazine Editor in Chief, Alex Tuck, discusses the key themes

TECH LIVE LONDON: Day 2 highlights of the hybrid tech show

We take a look at some of the highlights of our final day at the Tech Live London show, including insights from Claroty, SalesForce and Oracle

TECH LIVE LONDON: An overview of the hybrid technology show

We take a look at the first day of Tech Live London with insights from technology leaders from companies such as IBM, Microsoft and Vodafone

TECH LIVE LONDON: Begins tomorrow at 10am!

Digital Transformation

Executive Q&A: Marc Lueck, CISO EMEA, Zscaler

Cloud & Cybersecurity

TECH LIVE LONDON: Registering, networking and logistics

Digital Transformation