NEW YORK, NY, July 11, 2018 (GLOBE NEWSWIRE) -- BLOX Labs Inc. (OTCMKTS: BLLXF) (CSE: BLOX) (Frankfurt: BR1B), a Toronto-based technology development company focused on creating best-in-class software solutions driven by emerging trends in blockchain, smart contracts and decentralized apps, has ideally positioned itself to be a player in Canada’s legal cannabis industry. It’s an industry that just got a huge shot in the arm with last month’s legalization of marijuana nationwide. In Canada, marijuana possession, home growing, and sales of marijuana for adults will be legal as of October 17, 2018, when the newly passed “Cannabis Act” goes into effect.
With the law, comes an increased pressure to regulate the industry and to stay in compliance as well as the pressures of meeting the obvious supply and demand and the necessity to track all products and the sale of those products in both the medicinal and recreational cannabis spaces that will surely arise from such a law being passed.
Obviously several companies gotten out in front of the new law and to had the foresight to know the demands that the legal cannabis industry will face in Canada, BLOX Labs is one such company and has taken a number of steps ahead of the new law’s passage to ensure it will be ready to offer its services to the industry.
Enter CannaBLOX—the creation of a partnership between BLOX Labs and Canadian cannabis company, Liberty Leaf Holdings, for the development of a blockchain-based smart contract supply chain management platform for the legalized cannabis industry. Supply chain management is, of course, the management of the flow of goods and services, and it involves the movement and storage of raw materials, of work-in-process inventory, and of finished goods from point of origin to point of consumption.
BLOX Labs and Liberty Leaf recognized there would be a need for a technology that offered the transparency and decentralized nature that the CannaBlox blockchain platform can provide the industry. BLOX Labs says the platform will ensure that the records of cannabis related products, transactions, and logistics are stored in a medium that is both entirely visible and indisputable. According to BLOX Labs this means that “everyone involved in the process, from growers to retailers, to government regulators, will be able to use CannaBLOX as a vehicle for easily and confidently tracing the origins and transactional movements of any unit of cannabis product.”
In addition to securing the transparency and authenticity of any cannabis-related records, the company says that CannaBLOX will also aim to ease logistical bottlenecks and automate regulatory compliance through the addition of best-in-class smart contracts.
BLOX Labs CEO, Jeff Zanini said that entering the blockchain ecosystem with Liberty Leaf to create CannaBLOX was “a logical fit once the respective parties matched up the parallels of Liberty Leaf’s vertically integrated distribution model and BLOX Labs’ expertise in supply chain and logistics.”
For most of us, we know “blockchain” as the technology behind cryptocurrencies like Bitcoin, Litecoin and Ripple, but according to The Economist, “a blockchain is a distributed database that maintains an ever growing list of records called ‘blocks.’ The information in a block cannot be altered retrospectively as each block contains a timestamp and a link to a previous block. The nature of blockchain makes it function as a public, digital, distributed ‘ledger.’”
Zanini simplifies it by explaining, “Blockchain is a technology that permanently records transactions in a way that cannot be amended, altered, edited, or erased. The transaction can only be updated with the next sequential transaction, which results in keeping an everlasting, chronological trail.” He added, “The two slick things about this technology that differentiate it from others are its ‘decentralized’ and ‘peer-to-peer’ characteristics. These allow for impeccable record keeping that creates timestamps of who did what and when.”
In addition to introducing its investors to terms like blockchain technology, BLOX Labs’ CannaBLOX also introduces the market to “smart contracts” as well. CannaBlox is backed by smart contract technology, which will create unique and critical logistical protocols for the distribution of legalized cannabis in Canada.
Jeff Zanini says, “Smart contracts allow entities to execute contracts backed by blockchain software, which will execute contracts as they are written between parties.” And the benefit to those who will operate in the legalized cannabis industry in Canada is that smart contracts will eliminate risks associated with intermediaries, exchange value, releasing data, or releasing payment all while remaining tamper resistant to outside control.
Because BLOX Labs and Liberty Leaf have gotten well ahead of the industry with their brand of cutting-edge technology, CannaBLOX has a real opportunity for success in Canada’s legalized cannabis industry with its blockchain-based smart contract supply chain management platform.
And with the technology nearing completion in its development stage, and soon to be in place to service the industry, CannaBLOX should give the company the opportunity to offer the industry: compliance and transparency, better tracking of orders and assets, reduction in errors in payment processing and auditing, easier identification of attempted fraud, greater trust by consumers, real-time feedback from consumers, and better scalability—all of which will be necessary and welcomed in a burgeoning market that could grow very quickly in Canada.
Learn more about BLOX Labs and CannaBlox at: www.bloxlabs.ca
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