Security Matters is bringing blockchain technology to the cannabis industry. It recently filed a patent for a distributed ledger network for cannabis supply-chain.
What’s the new blockchain all about?
The new blockchain solution from Security Matters is designed to handle the supply side of the cannabis industry. It can be used to manage and track the plants as well as derivative products. The blockchain company is listed at the Australian Securities Exchange (ASX). It said that its technology could be used to mark cannabis plants, cannabis-based products, and cannabis-derived products.
It has developed a chemical solution that can be used to mark plants. The process can be done during the plant’s growth cycle or during its cultivation. In fact, the marker can even be applied to seeds right before planting to give a more accurate idea of the blockchain.
The company said that it has already started the commercialization of its chemical marker, which could be used to identify any object. The chemical marker will work like a unique barcode that can be used to gain access to information stored on blockchains.
Why use blockchains?
The company’s chemical marking systems can be used on proprietary and legacy systems as well. However, blockchain makes the data incorruptible and immutable. It is a digital ledger that can be used to store information that cannot be molded or tampered with.
Blockchain can either open public access to information or can be used in a “permissioned” setup where only certain parties get access to sensitive data. Using blockchain for storing chemical markup information will provide legitimacy to the company’s data and ensure that data integrity is maintained.
In a statement submitted to ASX this week, Security Matters said,
“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 the company, noted two crucial reasons for cannabis companies to consider this solution. The first is their need to trace the origin of the cannabis and the second is to monitor and control how and which content will go into their final products. Alon noted that the company’s technology could achieve both these goals without impacting the cannabis seed, cannabis plant or products made of the plant negatively. It also eliminates the need for genetic modification of these plants.