The open-source blockchain network Aeternity announced it is working on a supply chain management platform side by side with Uruguay Can, a leading cannabis production company in the Southern Cone.
Cannabis Production On The Blockchain
This solution will allow the company to register and track cannabis strains from the seed to the final product. In order to do so, aeternity will be leveraging its knowledge on blockchain technology and Internet of Things (IoT). Furthermore, this new solution will also offer the possibility to create decentralized applications (dApps).
The CEO of Aeternity Americas, Pablo Coirolo, said that blockchain technology is able to increase security and provide the necessary confidence that is needed in the cannabis industry. On the matter, he commented:
“We want to be the first to offer a business-level solution in partnership with leading technology providers and cannabis producers, processors and distributors.”
He went on saying that Aeternity blockchain solution is ideal to capture the history of cannabis through the supply chain, ensure consumer safety and exercising regulatory control.
Uruguay was one of the first countries in the world that completely legalized the production and sale of marijuana. Individuals can acquire cannabis-based products in the country including recreational and medical marijuana.
Argentina, one of Uruguay’s neighboring countries legalized medical marijuana while Brazil has legalized the Cannabis extract Nabiximols, also known as Sativex for medical use.
The project conducted by Aeternity and Uruguay Can start in October and it will be completed in January 2020. The first phase of the implementation of this program should be fully implemented by July next year.
Eduardo Blasina, the CEO of Uruguay Can, mentioned that the partnership with aeternity is a very important milestone for the industry. This is the first company in Uruguay that is able to support these products in a transparent way.
Consumers will now have the possibility to certify the quality of the products purchased. Moreover, Coirolo mentioned that this mechanism is ideal for polishing cannabis history through the supply chain.
There are several blockchain solutions that aim at improving different supply chains in different industries and sectors. Retail stores, cannabis producers and many other companies are working with blockchain technology to have better control over the whole logistics process.
Featured image via Aeternity Twitter