- Easily integrated BLOCKStrain platform tracks cannabis supply chain from genome to sale
- Blockchain-based genetic registration process provides verification security for growers and consumers alike
- Protection of proprietary cannabis strains is critical, as eventual entry of Big Pharma and Big Ag companies into newly legalized cannabis space is certain
As the legal cannabis space expands and major players enter the industry, the need for supply chain verification is growing dramatically, with real-world problems already becoming apparent. These include:
- IP lawsuits that have not stood up in court;
- Known copying of major brands in dispensaries by illegal growers; and
- Gray market products being passed off as legal.
Cannabis industry suppliers and consumers are currently faced with a major gap in supply chain transparency and verification, a gap that’s feeding a growing industry demand for an effective solution.
The team at BLOCKStrain Technology Corp. (TSX.V: DNAX), a full-service software company headquartered in Vancouver, British Columbia, Canada, wisely predicted that it would take an immutable, powerful technology to accomplish this critical task. To that end, BLOCKStrain has developed the first integrated blockchain platform that registers and tracks cannabis intellectual property (“IP”) from genome to sale.
“This industry is growing at such an exponential rate,” Robert Galarza, CEO and co-founder of BLOCKStrain, said in an exclusive interview with NetworkNewsAudio (http://nnw.fm/EgD6a). “You need to be able to create a method, utilizing technology, to verify that product and make sure the product that’s being put on shelves is tested and safe… You want to make sure what you’re putting in your body is healthy.”
Through the use of BLOCKStrain, cannabis growers can defend intellectual property rights with an authentic, verifiable chain of evidence embedded in the blockchain from genome to sale. For companies in the cannabis space, efforts to secure intellectual property protection should start early and remain a top priority. The U.S. Patent and Trademark Office (USPTO) routinely grants patents for cannabis and cannabis-related inventions, according to an article in The Legal Intelligencer (http://nnw.fm/p4Uhp), but that doesn’t mean it’s an easy process. Patent claims cover a wide range of technologies, with all requiring proof of invention or the product of human ingenuity through selective or genetic breeding, the article states.
That’s where BLOCKStrain’s platform comes in by providing a gene-registration defense of intellectual property rights and establishing historical proof of ownership. That’s huge for cannabis growers seeking to develop their own brands for an increasingly astute and knowledgeable base of loyal consumers. The authenticity of a particular cannabis strain is followed from genome to sale, providing reliable, transparent cannabis supply chain tracking via BLOCKStrain’s unique platform.
With a solid foundation in place, BLOCKStrain is looking toward the future with a near-term focus on the Canadian cannabis market ahead of the country’s scheduled October 2018 legalization of adult-use recreational cannabis.
“Our goal is to help this industry develop and unfold,” Galarza stated, adding that BLOCKStrain is well positioned to grow its market share by “putting the best solution in front of the industry and all of the participants here.”
For more information, visit the company’s website at www.BLOCKStrain.io
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