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Bitcoinist Leveraging Blockchain Solutions. The cannabis industry is one of many industries benefiting from what blockchain technology has to offer. But first, we need to know exactly what blockchain is and how it works.
Blockchain is the invention of a person or group of people that go by the name of Satoshi Nakamoto. It is a shared database of records and each record is called a block. Each block contains a complete history of the blocks that came prior. Distilled down, the blockchain is a decentralized network that facilitates and verifies transactions as well as a public ledger.
You see, a new block in the chain is created by someone initially requesting a transaction. The request is sent to a P2P network where it is then verified. One the transaction is verified, the record of it and everything prior is added to the end of the chain as a block. In this proposal, IBM has outlined that the blockchain can provide a more immediate and enhanced ability to track inventory, mechanize quality assurance reviews, and assist with money transactions where banks refuse to help.
IBM has already experimented with using blockchain technology with other major companies like Walmart with great success. They were able to shorten the amount of time it took to track a mango shipment from six days to two seconds! The ASIC mining pool is far larger and cheaper than the computing resources currently available at Medicinal Genomics.
Presently, there are approximately zero banks that will do business with a company that sells cannabis. This is due to the fact that the federal government still deems cannabis illegal and as a result, most businesses deal in cash.
Keeping a lot of cash around can be risky business, however. PotCoin protects those using it because your account can never be frozen. This is largely due to the fact that like Bitcoin, it decentralizes the transfer of value. Now they are looking to build their software on the blockchain technology and more specifically, on the Ethereum platform.
This technology will be the first of its kind to API support for third parties allowing for benefits like transaction assurance, equipment ordering, and platform analytics among others.
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