DMG Blockchain Solutions Inc. Launches Platform for the Cannabis Industry
A Canadian blockchain company has revealed that it is building a platform for the cannabis industry this week. Vancouver-based DMG Blockchain Solutions Inc. issued a press release on Tuesday, 16th October to announce its intention to build a global supply chain management platform with a focus on the legal cannabis industry. It will be joining forces with Emerald Health Therapeutics Inc and Emerald Health Sciences Inc to create a joint venture entitled CannaChain Technologies to develop a foundational blockchain-based supply chain management system and e-commerce marketplace for the legal cannabis industry.
DMG Blockchain is a diversified blockchain and cryptocurrency company that manages, operates and develops end-to-end solutions to monetise the blockchain ecosystem. With its Blockseer division located in Silicon Valley, the company has its sights set on becoming the global leader in industrial scale crypto mine hosting – Mining as a Service (MaaS), crypto mining, blockchain forensics/analytics, and blockchain platform development, helping businesses to integrate with the blockchain.
Now DMG Blockchain, in collaboration with its technology and finance partners, is currently having conversations with cannabis industry stakeholders, including major licensed producers, quality assurance labs, retail distributors, and government regulators to develop a cannabis supply chain solution.
The timely move comes as Canada’s government legalised the recreational use of marijuana in the country on October 17 – it was previously only allowed for medicinal use. Now the cannabis industry provides huge opportunities for many businesses. The company is poised to become a global supplier of cannabis with over 120 licensed cannabis producers. The $23 billion industry in Canada estimates to make $6 billion in revenue from 13 million recreational users. And financial forecasts suggest that the cannabis market could exceed $500 billion worldwide.
Blockchain technology is already used in agriculture, and food supply chain and now this brand new sector lends itself well to blockchain integration and innovation. The supply chain technology provides DMG Blockchain and its partners with a ‘first mover’ advantage as a global cannabis blockchain solution.
Chief executive officer of DMG Blockchain, Dan Reitzik, said:
“The emerging cannabis industry demands product management solutions, and blockchain is the most logical choice. We want to be the first to offer an enterprise-grade solution in partnership with leading technology providers and cannabis producers, processors and distributors.”
Canada’s priorities for legalising cannabis include keeping the drug away from children, product safety and no operating on the black market. DMG’s blockchain platform fits this criteria in that it guarantees transparency and traceability, so people can see where the product has come from. Now DMG Blockchain and its technology partner have a lot of hard work ahead building the blockchain based supply chain management systems for Fortune 100 companies.
The new platform will have the capability to provide product traceability, as well as automating transactions and the flow of information between licensed producers, distributors, regulators, retailers, shippers, and reporting and auditing systems. DMG’s global technology partner has commercially deployed multiple blockchain-enabled supply chain management systems for Fortune 100 clients.
The blockchain is being designed to meet suppliers’ specific requirements including supply chain automation, artificial intelligence (AI), Internet of Things (IoT), machine learning and tight integration, automated transactions, process flows and smart contracts across the entire supply chain.
In order to meet their requirements, DMG Blockchain has been speaking to all the key marijuana industry players, as well as quality assurance labs, distributors, and regulators. The new platform will include interoperation with legacy systems, onboarding of new users and a defective product recall function. DMG Blockchain plans to start off the blockchain in Canada then roll it out worldwide.
By Joy Lewis.