A Strategic Perspective on Blockchain and Digital Tokens
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The idea is probably not as big a pot-pipe dream as it sounds. Canada is in the process of legalizing marijuana by Julyfulfilling one of the key campaign promises of Business plan consulting proposal for blockchain Minister Justin Trudeau. Ottawa is leaving it up to provincial governments to regulate its legal sale and distribution.
When the government of British Columbia asked for feedback on the best way to manage its legal marijuana market, IBM quickly proffered a regulatory filingarguing that the province should use the distributed ledger technology called blockchain to manage its legal marijuana market. In the filing, the Armonk, NY-based software giant said: IBM suggests Blockchain is an ideal mechanism in which BC can transparently capture the history of cannabis through the entire supply business plan consulting proposal for blockchain, ultimately ensuring consumer safety while exerting regulatory control — from seed to sale.
Blockchain is rapidly becoming a world leading technology enabling the assured exchange of value in both digital and tangible assets, while protecting privacy and eliminating fraud. Blockchain offers a shared ledger that is updated and validated in real time with each network participant. As every schoolboy now knows, blockchains were originally conceived as a public, shared ledger that keeps track of payments in the Bitcoin network.
But companies quickly realized that the core concept business plan consulting proposal for blockchain the blockchain could be repurposed for many other chains of custody applications, ranging from diamonds and tomatoes to global supply chains. Or, as in this case, the growth, distribution, sale, regulation, and taxing of your next favorite pastime substance.
Every company manages and maintains its own copy of the shared ledger. The shared ledger would be accessible for anyone with the right business plan consulting proposal for blockchain to see, allowing regulators to conduct spot audits of every marijuana transaction in the province.
Retailers could identify which farm a particular batch of marijuana came from and what safety inspections were conducted along the way. Reads the IBM pitch:. The Blockchain shared ledger is updated and validated in real time with each network participant. This type of transparency would bring a new level of visibility and control to the provincial regulators and provide assurance to the multitude of cautious stakeholders regarding the way the management of a cannabis supply chain is rolled out within British Columbia.
Blockchain can help the Provincial Government take control of sourcing, selling and pricing of products, therefore can reduce or eliminate black market sales completely. Blockchain can assist producers with real-time inventory management, greater projections of supply and demand, and also elicit trends of consumption through data analytics.
IBM has been promoting blockchain aggressively in recent months. A blockchain approach to supply chain management has a number of useful business advantages. Transactions can be asynchronous—individual buyers and sellers can deal directly with each other. Hyperledger can also be combined with Internet-of-things technology, attaching a tracking device to products in transit and automatically generating data about their progress as they move through the supply chain. Devices will be able to communicate to blockchain-based ledgers to update or validate smart contracts.
Built to scale to thousands of users quickly, IBM says its cloud will allow production blockchain networks to be deployed in minutes, running signed, certified and tested Docker images with dashboards and analytics as well as support. A blockchain is only as good as the security of its infrastructure and IBM has spent millions of dollars on teams of security experts, cryptographers, hardware experts, and researchers to make certain its blockchain and cloud services are tamper-resistant and free of back door vulnerabilities that allow unauthorized access.
Who gets to test the supply chain in the real world? We are already at v3. Reads the IBM pitch: My take A blockchain approach to supply chain management has a number of useful business plan consulting proposal for blockchain advantages. November 21, at 3:
