In a press launch revealed earlier right this moment, DMG Blockhain introduced that it’ll construct a blockchain based mostly provide administration platform for the Cannabis trade. Utilizing DMG’s platform, producers, distributors, retailers, shippers, regulators, and others in the Cannabis provide chain will be capable to guarantee product traceability, security, and transparency relating to the Cannabis enterprise. The platform is about to deploy in Canada first, and later broaden globally.
What’s DMG Blockchain?
DMG Blockchain Options Inc. is a Vancouver based mostly firm centered on mining companies and making use of blockchain expertise to provide chains. There are two elements to DMG, one is sustaining a mining farm, and the different helps enterprise combine with blockchain expertise. Chatting with Dan Reitzik, CEO of DMG Blockchain, he stated: “we host mining on behalf of third events.” Working with previous BitFury workforce member, DMG is ready to present MaaS (Mining as a Service) to clients seeking to mine cryptocurrency with out the problem of establishing or sustaining the rigs themselves.
The opposite a part of DMG Blockchain focuses on creating options for enterprise with the use of Blockchain. One problem with introducing blockchain to established companies is that they have already got a legacy system in place. In keeping with Reitzik, DMG will “create a platform and tech that doesn’t require a change to their legacy system.”
Integrating With the Authorized Cannabis Industry
One in all the causes the Cannabis trade is such a nice alternative for blockchain integration, is the proven fact that the entire sector is model new. Canada will solely now legalize leisure Marijuana nationwide on October 17th. Cannabis companies don’t have archaic methods that should be built-in with, the trade is ripe for innovation and introducing blockchain platforms for transparency, traceability, and automation is a match made in heaven.
“The rising hashish trade calls for product administration options and blockchain is the most sensible alternative. We need to be the first to supply an enterprise grade resolution in partnership with main expertise suppliers and hashish producers, processors and distributors.” – Dan Reitzik CEO DMG Blockchain
Canada has three principal standards for the legalization of Marijuana: No black market, hold the product out of the fingers of kids, and guarantee product security. Maintaining the product out of the attain of kids is the retailer’s duty. Nevertheless, utilizing DMG’s blockchain platform, retailers and regulators will even be capable to guarantee the product is each secure, and hint precisely from which licensed producer it got here from.
Constructing such a platform requires an infinite quantity of labor. That’s the reason DMG’s expertise associate already has expertise deploying blockchain based mostly provide chain administration methods for Fortune 100 firms. It is going to be attention-grabbing to see how the growth of such a platform will pan out. Authorized Cannabis companies and Blockchain look like two industries that have been meant for one another. Each face related challenges with regulators, and each are disruptive to the establishment.