How Blockchain Technology Can Revolutionize the Cannabis Industry

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Statistically speaking, the cannabis industry has evolved into one of the fastest growing industries in the market today. This industry influences various other industries, and its exponential growth only enunciates the fact that the cannabis industry is set to become one of the most lucrative industries out there. At the same time, there are many ancillary sectors in the Cannabis industry which provide services to the broader cannabis economy; these sectors have also fueled the rapid growth of this industry.

The Cannabis Industry still has black market practices

The cannabis industry has steadily gained more traction as it is being legalized all around the world. However, our current economic ecosystem is hindering this industry’s progressive growth.  This is because the marijuana industry is shrouded by black market practices that are completely unregulated. These practices are not only slowing the growth of the cannabis industry but are also giving rise to different illicit activities that will further destabilize the system. Blockchain can be the perfect solution to this dilemma as it can provide the industry with a regulated ecosystem to help the industry prosper. In today’s legal-weed regulatory landscape, it has the opportunity to be a reliable method of banking to an industry battling for legitimacy.

Different ancillary sectors will have to find a unified solution

Before blockchain can be used to stabilize the market, it is imperative that the different components of this industry integrate at a certain level.  This means that dispensaries, producers, cultivators, and labs should all find a common ground in order to expedite the growth of this burgeoning business.  Currently, all of these components are working as separate entities and are operating in shady marketplaces, which is why the law governing this aspect of society has been adjusted. Furthermore, there are problems with transporting cannabis, transactions and cannabis solutions which all require a solution for this industry to thrive. This is where Paragon steps in as it plans to provide a solution to all of these problems to help fuel the growth of this industry.

A revolutionary vehicle is required for such a revolutionary industry

The astronomical growth of the cannabis industry has allowed people to further understand the nature of this industry, allowing them to explore different avenues of this specified market. Blockchain technology is currently dominating the market due to its profound applications.

For instance, Paragon, a startup based on blockchain technology, strongly believes that this industry can overcome all of the short-comings by focusing on the mechanics of the industry. This is exactly how blockchain has regulated its market as they focused on the inner workings of the industry and used this information to create a comprehensive system. Paragon claims that by using blockchain the cannabis industry can enjoy total market dominance and it will also help take the whole industry to a different level.

Currently, the industry lacks a unified solution for different aspects of the industry which include medical cannabis identification, prescription registry and the validation of CBD/THC levels. At the moment the only way people can pay for these services is through cash because of federal regulations. Additionally, there is no prescribed method of checking the quality of the cannabis being sold to the public. Furthermore, there are limited workspaces for cannabis startups, which, at the end of the day, is also slowing the growth of this lucrative industry. All of these issues could be resolved simply by using blockchain technology.

Paragon is a fast-evolving model

Paragon is an example to follow. It has rapidly become one of the fastest growing businesses in the industry today. This business has provided a workspace for cannabis growers and a unique creative hub for lawyers, startups, entrepreneurs, specialists, doctors, investors, journalists and scientists for the cannabis industry. Furthermore, Paragon has invested in a renowned team of cannabis advocates including “The Game” who is a rapper. The CEO of this business Miss Iowa Jessica Versteeg is also a vocal advocate of this industry as her NFL boyfriend benefited greatly from the healing qualities of this beautiful plant.

The Paragon Coin

Paragon intends to create a cloud that will include data relating to a variety of different aspects of the cannabis industry. Some of the data that will be included in this cloud includes doctors registries, marijuana ID’S, and prescriptions. Paragon also claims that an Ethereum-based chain can be used as an associated paragon coin.This coin can be used within the industry as a mode of payment between every service provider.

Basically, the blockchain will accumulate all the crucial data regarding the cannabis lifecycle; this includes the seeds that grow into the final retail product and it will also include sale related information. By introducing this system end users will be empowered with the ability to monitor the entire lifecycle of the plant and they will also be able to trust this information.

Creating the right structure

There is no doubt that Paragon will help spur a new generation of growth for the cannabis industry by providing startups workplaces for cannabis cultivation and an array of different applications. Each startup can pay for these services using the coin, as this will help regulate every transaction that takes place in this industry. Paragon has a clear intention to capitalize on the cannabis industry but intends to do so by creating a structure through which this industry can prosper in. This immutable ledger will help build trust within the industry and will ensure government regulation compliance which is crucial in this industry.

As a result, this platform will help promote research in this industry that can benefit society as a whole as it seems that everyday people are finding new medical applications of medical marijuana.  Furthermore, previously patient identification was not anonymous but now using this system, every patient’s information will be confidential and protected using different security measures. They intend to create a safe, responsible and transparent cannabis industry that can prosper without any hindrance. Only time can tell if this proposition is the solution to all of the cannabis industries current problems!

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