Canadian Blockchain Crypto Chronic Digital Currency Collision
Will the chronic go crypto-currency or will it stick to dirty old mattress money?
Cryptocurrency and cannabis in Canada could be setting up for a collision. Cannabis legalization is suppose to take place in 2018 across Canada. It will follow along the guidelines utilized by business models used for liquor and tobacco. Could a blockchain help? WTF is a blockchain?
The Canadian government will set forth rules and regulation and regulations will also take place at a province level. With cannabis legalization at a precipice in Canada many factors come into question. How will the industry be monitored? Will banks in Canada except cannabis money?
If so, wouldn’t this mean that banks in America couldn’t bank with Canadian banks because of the legality of cannabis in America on the federal level? What method of record keeping would work the best for this new industry? How could all of this be accounted for? These are just some of the questions that, well, come into question with the green rush.
Recently the government in British Colombia reached out welcoming any thoughts or suggestions about cannabis legalization. Help ranging from rules, regulations, and age requirements, to seed to sale tracking concepts and more were welcomed. Answering that request with a solid response was IBM. IBM suggested that Canada utilizes a Blockchain to keep detailed records from seed to sale.
What Is A Blockchain Bob
A blockchain is an encrypted digital ledger that is maintained by a peer-to-peer group. Information is recorded in blocks using secured cryptography. New blocks are created when the network collectively adheres to protocol. Once recorded the information can’t be altered in any way without changing the entire network of blocks that are attached via hash pointer (a link to previous block).
When you mention blockchain a popular digital wallet and service Blockchain will often come up. Blockchain has raised over $70 million from industry leaders in Silicon Valley and has over 19 million digital wallets and averages 160,000 transactions daily serving 140 countries. Blockchain wallets use Bitcoin and Ether that can be exchanged into a number of different currencies globally.
A digital asset used as a medium of Exchange is basically what cryptocurrency is. You could call it digital currency. Instead of the cryptocurrency being based off silver or gold it is created/mined/farmed using algorithms. These algorithms produce currencies such as Bitcoin, Ether, Satoshi, Litecoin, and others.
Values of different cryptocurrency as of middle of day 11/30/17
- Bitcoin- 9685.52 USD
- Ether- $424.02 USD
- Satoshi- 1 Satoshi = 0.00000001 ? (Bitcoin)
- Litecoin- $82.08 USD
Cryptocurrency Could Meet Cannabis
IBM brought about the suggestion of using a blockchain to monitor and maintain structure across the legal cannabis industry in Canada. They submitted a four-page layout on how a blockchain could help monitor and track a cannabis supply chain from seed to sale. This means from the farm to the consumer a system could be used to make sure procedures are followed. This also could help introduce the cannabis industry to cryptocurrency.
Cryptocurrency like Bitcoin for example has seen a sudden spike and its value lately. Just 10 years ago you could have bought a Bitcoin for less than $1 USD. An investment of $5,000 USD, 10 years ago would be worth an estimated $500,000 USD today! Bitcoin has many predictions and most of them are seeing nothing but a rise in the value of this digital cryptocurrency.
Should the Cannabis industry in Canada start accepting Bitcoin, Ether or other forms of cryptocurrency as accepted payment structure for cannabis, it would be a huge shift in how we use currency today! Just think, one day soon you may turn your cash into digital currency to purchase cannabis.
Personal Thought From Me
After growing up with pot a part of my life my entire life I just have to say, WOW. It sure has changed from this happy plant that used to bring people together. It still unites people but in very serious way it seems. Who would have thought back in the 70’s or 80’s we’d be entertaining the notion of buying cannabis using digital money? Or that cannabis would’ve evolved into the complicated science it’s become today.
I’m approaching this one with an empty bowl waiting to be packed. I guess I was lucky to have grown up around people who put love into growing bud and always shared that bud with a bud. We smoked it because we liked the way it made us feel. We didn’t need a reason. WOW, pot has changed a lot especially when it comes to where and how to buy it. How do you view this change? CannaLance would love to know.