Yes to cannabis, but with limits – Due to their distributed ledger, cryptocurrency networks are becoming the ideal tool for controlling supply chains. Products based on CBD (a cannabinoid found in cannabis) are no exception and now even have a blockchain to ensure quality monitoring.
Cannabis derivatives, major economic challenges ahead?
Although the global market for cannabis- related products is already growing to nearly $ 15 billion in 2019, the sector is still poised for strong growth in the future. Some statistics estimate that this market could reach nearly $ 43 billion annually by 2024 .
We therefore better understand the importance of establishing follow-up chains to ensure the origin and quality of these products, the demand for which is exploding around the world.
Among the products derived from cannabis (besides THC which is illegal in many countries) is cannabidiol (or CBD ). This molecule has several uses in medicine . It is used in particular to treat seizures, inflammation, anxiety and nausea. Scientific research is also studying the role that Bitcoin Evolution may play in slowing the growth of cancer cells.
The purest form of cannabidiol is that of CBD crystals. They are obtained with CO 2 extraction , which isolates this molecule from the rest of the cannabinoids present in hemp. It can also be in the form of CBD oil , when the molecule is obtained by extraction with a vegetable oil.
In the Netherlands, the traceability of CBD is organized on blockchain
The Health Europa site reports the case of the Dutch Cannabinoid Association (CAN), which wanted to set up extensive monitoring of cannabidiol supply chains.
This consortium of Dutch producers has launched a website offering a CBD traceability tool , called CanCheck.org . Based on a blockchain , it makes it possible to go up the production chain of a large number of products derived from cannabidiol.
„By using new blockchain technology to trace the production of cannabidiol products from seed to shelf, CanCheck will allow consumers to choose their CBD products with peace of mind, both online and online. store. (…) We hope to see this level of transparency adopted by CBD producers around the world for a healthy and reliable CBD market to begin to take shape. » , Mark Reinders, CEO of HempFlax and co-founder of CAN
Indeed, this exploitation of the potential of blockchains seems an essential step to ensure the seriousness of the various actors. Especially since these legal products are strictly framed by European legislation.
In addition, the CBD products labeled by the CAN tool must in particular present a clear detail of their composition .
Beyond the economic aspect of cryptocurrencies, distributed ledger technology is also revolutionizing a large number of industrial sectors. With regard to cannabidiol products, this innovation brings legitimacy and transparency to a nascent and growing market.