Blockchain opportunities in Medical Cannabis sector
The nascent medical cannabis industry is growing quickly around the world, and blockchain entrepreneurs can profit from effective supply chain management and other services
From seed processing to patient tracking, blockchain can help in the logistics of every aspect of supply chain management for the medical cannabis industry. Blockchain companies and investors can realise global new business opportunities facilitating trust of origin, product quality, safety processes, and compliance with regulations in different jurisdictions.
Companies like Paragon are using blockchain technology to revolutionise the way the entire system of manufacturing works, by providing greater provenance and assurances for customers. From monitoring the growth of the plant to shipping the final product, seed-to-sale tracking helps to ensure that nothing less than top quality reaches the patient.
Reviewing each phase of the supply chain through a blockchain enables the patient or buyer to verify the plant has been grown or shipped in conditions conducive to the quality expected in a pharmaceutical product. It can also guarantee peace of mind that the medicine has been verified by the lab producing it, that the production is in line with regulation, and that the strain being sold is what it says on the label. This kind of security is essential for a product still facing a somewhat uphill battle in the PR department.
It is especially valuable for those who would like to stamp out illegal, black-market trade. Roping in block tech helps to mitigate supply chain risks by keeping processes above board and that it is easy to share information amongst stakeholders – its immutable, transparent and auditable nature raises the trust factor by orders of magnitude.
The technology will also come into play for researchers and clinicians. The global market for clinical trials has seen a noticeable boost as countries such as Malta move to regulate the space. With a steady flow of new products hitting the shelves, the process of ensuring that new combinations of cannabinoids are safe and effective becomes of paramount importance. Issues with securing the integrity of data, as well as increasing patient enrolment can be tackled easily through blockchain ledgers.
This meshing of industry is a driving force behind the decision to hold the Malta Cannabiz Summit World back to back with the Malta AI & Blockchain Summit in November. The week is dedicated to bringing even more value to investors, by providing them with a chance to explore the potential these sectors have to offer as they grow within a forward-looking legislative framework.
The Malta Cannabiz World Summit will take place on the 4th and 5th of November, just one day apart from the winter edition of the Malta AI and Blockchain Summit, which will be held on the 7th and 8th. Book your ticket now and connect with the blockchain community at Medical Cannabiz World Summit this November.
Malta AI & Blockchain Summit is a bi-annual expo covering topics relating to the global sectors for blockchain, AI, Big Data, IoT, and Quantum technologies. The event includes conferences hosted by globally renowned speakers, workshops for industry learning and discussion, an exhibition space accommodating more than 400 brands and a number of networking events.