Blockchain & Cannabis: Individual & Combined Analysis Of Both Markets In Terms Of Growth
Blockchain and cannabis are the two industries growing at a breakneck pace in the 21st century.
Even the pandemic has not stopped their progress and created more awareness about them. The future estimates have revealed that almost everyone will be using these two products in the upcoming years.
Today, we will deeply analyze the growth in both industries and figure out how they are related to each other and how the cannabis industry is taking advantage of the Blockchain industry. Combined and individual analysis of both markets will clear all of your confusion related to both these platforms.
The cannabis industry is rising day by day after the legalization of cannabis in the US. The cannabis or marijuana industry is booming due to potential therapeutic benefits.
CBD stands for Cannabidiol, and it is one of the fastest-growing markets owing to its massive health benefits. It would be right to say that it has taken the world into the storm.
Though some synthetic products are also available in the market, the demand for natural pure CBD products is quickly gaining popularity as they are 100% free of artificial ingredients. It is suitable for mental and brain health that could improve your anxiety and other brain disorders significantly.
Cultivators breed different varieties of cannabis to create hybrid and specific strains. Each strain differs with the concentration of cannabinoids like THC, CBD, and others. The plants grown by the producers have different looks, tastes, and effects.
The deep growth analysis of cannabis in the year 2016 revealed that the cannabis industry would grow by $23 billion in 2020, and the cannabis industry achieved this goal in March 2020. Though COVID-29 has impacted the growth of the cannabis industry, it is still moving forward at a considerable pace, and the trend seems to increase with time.
Due to its massive market, some affiliates want to take their pie by promoting it. There are certain restrictions you have to face when promoting these offers. If you take the route of paid advertising using platforms like Google and Facebook, it is banned altogether. There is no way you can advertise on the world’s biggest media.
Blockchain technology is the disruptive technology that facilitates the process of recording transactions. However, its impact is not limited to cryptocurrencies and is actively used as the asset quality tracker. It is due to this reason that the analysts are expecting that Blockchain technology will be worth $20 billion by 2024.
The most important use of Blockchain technology is in the supply chain logistics, where it is actively playing its part as the food and beverage quality tracker. This category also plays a part in the correct usage and growth of the cannabis plant. Though legislative authorities are not working fast with the blockchain industry, its rising popularity will soon motivate them.
The nature of the blockchain is secure and encrypted, which give more room for experimenting, so the authorities should realize the importance of blockchain in various industries, such as:
● Cloud storage
● Finance and banking
● Voting systems
● Digital identity and passports
● Medical / Healthcare
● Smart contract ( No third-party involvement).
And most importantly, with Blockchain, all the users have a single view of truth that makes it highly adaptable.
Wherever there is a modern and advanced usage of medical and healthcare products, technology is involved. However, you may not have thought about the relationship between the plant-based products cannabis and the cryptocurrency ledger, Blockchain.
Here it is worth mentioning that the implementation of Blockchain technology in the cannabis industry can significantly impact both.
As discussed earlier, the Blockchain is the reliable quality tracker that can keep an authentic record of everything, including medical and healthcare product analysis. It can determine whether or not the suppliers provide the correct dosage and required quantity of cannabis. In this way, it can solve all the fears and restrictions associated with the overdose of cannabis.
The importance of these industries is undeniable in the modern world. However, unfortunately, they are not getting too much recognition from the legislative authorities, and their usage is still restricted in some areas of the world.
Blockchain is now getting recognized, but its use as the quality tracker for cannabis has not yet been legalized. The legislative authorities should focus on this point because now the cannabis-based products are no longer risky medicines, and Blockchain technology has solved all the issues.
Both industries can grow and bloom when they work together. On one side, Blockchain can play its part in the successful recognition of cannabis and removal of its bad reputation. On the other side, the use of technology in the cannabis industry can make people more familiar with the quality tracking features of Blockchain.
Here are some of the ways that reveal the role of the Blockchain industry in the Cannabis industry.
● It can track and keep a detailed record of the consumption of cannabis. With Blockchain technology, you can keep the day-to-day data of all the consumption details.
● It provides transparency to the healthcare field by solving duplicate prescriptions and keeping immutable translation records.
● Along with the detailed audit of the medical records, it also plays its part in the quality insurance of cannabis.
● It can help the government and legal authorities find suitable sources and origin of cannabis products. In this way, it plays a part in tracking the quality and ensuring that the cannabis-based medicine is safe for the patients and does not contain any harmful components. In this way, the healthcare professionals determine the dosage and confidently prescribe cannabis-based medication to the patients.
Blockchain and cannabis are emerging industries with different niches, but they can help each other in further development and growth. The most significant role of Blockchain technology in the cannabis industry is that it can stop the illegal use of cannabis and assure that the patients are getting high-quality products without any potential harm.
Now it is time for businesses and healthcare professionals, and technology experts to work on the legalization of cannabis as a plant-based natural medicine and introduce the Blockchain industry as the growth and quality tracker.