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Blockchain Technology To Improve State Efforts Related To Medical Marijuana Industry Traceability

Blockchain technology is hoped for the improvement of state efforts related to medical Marijuana industry traceability. It is also hoped for the identification of bad actors. Legal marijuana is evolving at a rapid pace. Government regulators are required for new technologies and innovative solutions.

The government could be provided with an alternative pathway through the blockchain. Transactions can be monitored in the cannabis market. A broad range of governmental agencies could be supported in designing authoritative records of chain-of-custody.

The director of the Department of Business Regulation at the State of Rhode Island Liz Tanner said, “Rhode Island aims to be a leader in government efficiency and innovation and we believe exploring the possibilities of blockchain technology is a step toward modernization in government. This will encourage blockchain businesses to demonstrate their value to government entities, and I encourage blockchain-based businesses to consider Rhode Island to test blockchain technology within government.”

Blockchain companies are requested for the submission of concepts. Rhode Island would be helped in optimizing the blockchain. The blockchain is a system which records transactions related to digital currency for different kinds of ventures and the medical cannabis program is one of them.

The state is stated to be interested in the development of this technology. Visibility could be increased into the Medical Marijuana industry through this technology. Potential fraud could also be reduced.

The Chief Information Officer (CIO) at the State of Rhode Island Bijay Kumar said, “This is really the first step to see what’s out there and if blockchain technology can help improve government processes in the future. I am excited to see the possibilities and to learn more about how this new technology is helping other public and private entities reach new levels of innovation in business, security and other areas,” Marijuana Moment reported.

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