The use of blockchain technology to track shipments has become a popular idea, especially among companies and vendors who are concerned about theft or fraud related to their products. However, one company is now looking to use this technology to manage the supply chain of plants, products, and derived ingredients related to cannabis.
Security Matters has applied for a patent in the U.S. related to the materials and methods used in the marking, identification, and classification of seeds and plants. This, according to a listing on the Australian Securities Exchange (ASX).
The company has developed a new chemical solution that can be used to specifically mark plants. This chemical would make it easy to identify, and the solution provides the extended benefit of allowing the process to occur anytime during the plant’s growth cycle, including during cultivation. This makes it the perfect solution (pun intended), as the solution combined with blockchain technology will allow for greater accuracy and ensure the authenticity of all products using the name.
Security Matters has already issued a report stating that they have started using this solution as a chemical marker in commercialized products. This marker works very much like a barcode, which can then be stored on the platform allowing it to be tracked easily.
In a statement issued to ASX, the company explained that “The marking solution can be applied to the seed or plant via a coating, irrigation, and fertilization method and is used for product authentication, supervision and supply chain management of the plant and plant by-products.”
Haggai Alon, the CEO of Security Matters, explained that cannabis companies should consider the solution because it allows them to trace the origin of their products while also having the ability to monitor and control the final distribution. This is not only providing a greater layer of protection but also ensures that the authenticity of the product is not compromised.
This is becoming a growing trend in the cannabis industry. In June, Canada introduced a blockchain pilot program that is being used to track specific strains from the source through pharmacies. This new program not only allowed them to record all information related to the specific strain but also enable them to be able to have more accurate information related to treatment data.
This is why it was not a surprise that a company would look to do the same kind of thing in the United States. In fact, the vice president of pharmacy business development and initiatives at Shoppers in Canada, Ken Weisbrod, predicted as much at the time of the June announcement. “This is the future for medical cannabis in the world. I know the U.S. is looking at what we’re doing here, and it’s really important that we take this leadership stance.”
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