In 2019, we’re seeing all kinds of famous companies turn to blockchain technology: Facebook and JPMorgan are just two recent examples of huge companies making a move this year, and there’s no doubt that many more will join in as they discover that there’s nothing like blockchain technology for speed, security, and transparency in the storage and transmission of data.
Perhaps the only other market that’s experiencing the scale of growth we’ve witnessed in blockchain tech is the legalized cannabis industry, which has been absolutely exploding in North America and worldwide and will undoubtedly continue to do so.
There’s no shortage of cannabis businesses out there today – and I’ve covered some of the best ones on the market – but this has given rise to the need for a new and important sub-market: the storage and protection of cannabis-related data.
You see, new strains of cannabis are being created, and that’s considered intellectual property. This brings up the question of what technology will be available to keep track of this IP, along with certification and other legal records – and this information has to be kept secure, yet readily accessible when product verification is needed.
The perfect solution is here: the immutable, ultra-secure, and exceptionally transparent platform that only the blockchain can provide – and the first and best provider of this blockchain solution is TruTrace Technologies (CSE: TTT, OTC: BKKSF), formerly known as Blockstrain Technology Corp.
It’s the ultimate combination of cannabis and blockchain tech, as TruTrace provides a digital platform to automate, accelerate, and encode transactions while ensuring privacy and security for cannabis businesses, customers, medical practitioners, and patients alike. From genome to seed to sale, TruTrace’s StrainSecure technology leverages the latest in blockchain tech to create a single reliable record for cannabis strains and their ownership across the supply chain.
We’re already seeing intense interest in StrainSecure’s unique cannabis data solution. In fact, TruTrace has just announced an agreement with Shoppers Drug Mart to develop and deploy a blockchain-secured pilot program to increase transparency, interoperability, and product identification within the medical cannabis industry.
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You’ll see the rollout of this groundbreaking initiative very soon, with phase 1 of the pilot program expected to be completed by July 31 and full production and implementation targeted for late November 2019. Throughout the program, StrainSecure technology will provide identity management, asset tracking, validation, and product authentication, and it will serve as a master registry for standardized testing, product verification, and quality assurance.
Partnering with a recognized brand name like Shoppers Drug Mart will provide a tremendous boost to TruTrace’s standing in the industry: “This is a significant milestone that brings our technology together with one of the most trusted brands in Canada. We believe it is a testament to our technology’s ability to bring transparency and integrity to the cannabis industry and our shared mission,” commented TruTrace Technologies CEO Robert Galarza.
As the market itself expands, I expect TruTrace to grow in size and influence. How big will it get? Mordor Intelligence reports that the global cannabis market was worth $14.5 billion last year, and it’s expected to reach $89.1 billion by 2024 while exhibiting an incredible CAGR of 37% from 2019 to 2024.
Moreover, working with Shoppers Drug Mart is a major coup for TruTrace: with almost 1,300 Shoppers Drug Mart and Pharmaprix stores operating in prime locations throughout Canada, this known and trusted brand name is sure to put TruTrace in a favored position for future partnerships.
Above all else, this initiative serves as a testament to StrainSecure technology’s ability to bring transparency, security, and integrity to the cannabis industry. It’s blockchain to the rescue – specifically TruTrace – as the global cannabis market seeks solutions that only the best cannabis blockchain company in the business can provide.
***Immediate Investment Alert: TruTrace Technologies (CSE: TTT & OTC: BKKSF)***
Chief Editor, CrushTheStreet.com
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