Marijuana businesses experimenting with blockchain technology

The Blockchain technology is working towards improving the state efforts regarding the medical Marijuana industry traceability. It is also willing to be instrumental in the identification of adverse factors. However, legal marijuana is evolving at a rapid pace. New technologies and innovative solutions are required for government regulators. Rhode Island would be helped in optimizing the blockchain. The blockchain companies are requested to submit concepts.

The Department of Business Regulation at State of Rhode Island representative Liz Tanner said, “Rhode Island aims to facilitate the government efficiency and innovation, they believe exploring the possibilities of blockchain technology is a revolutionary step toward modernization in government. This will encourage blockchain businesses to demonstrate their value to authorities and official entities. He further added, “I encourage blockchain-based businesses to consider Rhode Island to test blockchain technology within the government.”

The blockchain is a system that records transactions related to digital currency for different kinds of ventures and the medical cannabis program being one of them. The operations can be monitored under the cannabis market through an encryption-based program.

The government could be provided with an alternative pathway through the blockchain. Various governmental agencies could be helped in designing an authoritative record of chain-of-custody related to criminal investigative evidence.

The state is inclined towards the development of this technology. This technology is said to help in boosting visibility into the Medical Marijuana industry. It could substantially reduce potential fraud too. Bijay Kumar, the Chief Information Officer (CIO) at the State of Rhode Island said, “This is the first step towards exploring what’s out there and if blockchain technology can help improve government processes along the course. I am excited to see the possibilities and to learn more about how this new technology is helping other public and private entities reach new levels of innovation in business, security, and other areas,” Marijuana Moment reported.

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