IBM Corp is one of the bluest U.S blue chip companies is supporting blockchain as the supply management tool of choice for an unusual industry. The digital ledger could be used to track pot from ‘seed to sale’ according to the information, which submitted a paper this month to the government of British Columbia. The western Canadian province was gathering public feedback on how to regulate the industry ahead of the legalization of recreational pot nationally.
IBM mentioned that Blockchain could help B.C take control of sourcing, selling and pricing of products while allowing producers to track inventory, supply, and demand projections and consumption trends.
The Shared ledger is updated and validated in real-time with each network participant ad discloses exactly where a product is at ay point I time. IBM said, “This type of transparency would bring a new level of visibility and control to the provincial regulators”.
IBM has been promoting blockchain for industries from financial services to consumer retail and cargo shipping in recent years. The company is betting that blockchain will get adopted by its traditional large enterprise clients and can serve as a revenue growth driver in the long-term as legacy sales decline.
IBM spokeswoman Carrie Bendzsa said, “Our submission was in response to a government request”. IBM added, ““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”.