IBM Canada is officially calling for British Columbia’s cannabis industry to secure its supply chain via the blockchain per a proposal just submitted by the company to the BC Cannabis Regulation Engagement committee.
Like how the new Modum ledger (MOD) seeks to secure and guarantee pharmaceutical supply chains and how the VeChain (VEN) ledger seeks to prevent counterfeiting in luxury-product markets, IBM’s suggesting that British Columbia guarantee their booming cannabis supply chain from “seed-to-sale,” as it were, through a blockchain ledger.
— Alan Brochstein, CFA (@Invest420) November 6, 2017
As New Cannabis Ventures journalist Alan Brochstein perfectly summarizes:
“The company suggests that [blockchain ledgers] can help reduce or eliminate black market sales by allowing BC to control the sourcing, selling and pricing of products, assist producers with real-time inventory management and help retailers identify supply/demand gaps.
The brave new world of blockchain custody audits
Fraud, waste, and abuse—age-old factors in the world of business, to the detriment of many.
Yet IBM’s Nov. 1st proposal to BC moves the ball forward for blockchain custody audits—audits that can eliminate an incredible amount of fraud, waste, and abuse in commercial ventures by guaranteeing and impeccably tracking every link in a given supply chain.
Indeed, black markets that have previously relied on penetrating these supply chains would accordingly have to contend with 100% tamper-proof logistical records if BC were to follow IBM Canada’s suggestion.
And while IBM Canada fell short of recommending any specific blockchain to be used by the BC cannabis industry for custody audits, it’s clear that this arm of the tech powerhouse believes blockchain ledgers are the future of business logistics in general.
This is beneficial attention for the crypto space in general. But it’s a development that also hearkens to the coming “herd” of mainstream adopters that seem just over the horizon at this point.
TLDR: Industry giant IBM is suggesting that British Columbia facilitate its cannabis supply chain with blockchain tech, a move that would streamline logistics for the Canadian state.