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How Blockchain Technology can help Safeguard Cannabis Industry



With legalization of cannabis and marijuana in few states of North America, the entire cannabis industry and its growth has become the talk of the town. Another budding industry that is expected to disrupt almost all mega industries can play a major role in safeguarding cannabis industry. Any guesses which it is? Yes, you imagined it right. We are talking about how the potential of blockchain technology can help safeguard cannabis industry and marijuana dispensaries.

cannabis health


Obviously, the blockchain can’t directly help with the regulatory environment or legalization concerns. However, the technology may be able to assist with the other burning issue i.e. lending. Cannabis businesses can’t normally access credit cards or bank loans. In some cases, even outside investment is also not possible to access. However, new models of blockchain-based lending are commencing to take shape in this space.

As per Cryptography expert Clark, the biggest concern in any sort of lending is the threat of the loan recipient escaping with the cash.

Clark says that “Blockchain will not solve that problem for you, but it can help by adding transparency, so you might know a reputation or have some insurance on the side or that type of thing.”

Blockchain-based payments

As per the latest industry research reports, legal cannabis is nearly a $7-billion business in the U.S. alone. In addition, most of the business is carried out in hard cash. This “cash only” trend is in the process of transformation or we can say that it must needs transformation.

The cash-intensive trait of the cannabis business invites criminal activity to some extent. If the money earned from the sale of cannabis is used in cash payments to workers like electricians, plumbers or other blue-collar jobbers, it falls under money laundering.

In the real world, not each and everyone is crazy about blockchain encryption.  But, if we talk about cannabis industry in particular, it is definitely eyeing on the blockchain encryption for safeguarding.

In order to safeguard reliability of the legal cannabis market, The Cannabis Act sanctions Health Canada to employ a national tracking system for marijuana, tracking seed to sale journey.

Store sensitive information

In the blockchain, encryption and verification is there at all stages, in all blocks. Hence, it is almost impossible for any single user to manipulate the data. A user cannot alter, hack or delete any kind of information from the block or sequence. So, it is safe to store any sensitive information pertaining to marijuana on blockchain platform. This feature is boon to the cannabis industry.

With legalization of marijuana and cannabis, the Canadian government also demands a thorough record keeping i.e. records of seed to sale tracking. Basically, it is insisted to help avert diversion of marijuana. In other words, the intent behind this demand is to keep an eye on and prevent the movement of legal cannabis to the illegal market and vice-versa.

Further, the following records pertaining to cannabis and marijuana need to be filed on monthly basis. As per the Act, all authorized companies operating in the cannabis industry should file records on how a particular weed / marijuana was

  • breed,
  • grew,
  • harvested,
  • destroyed,
  • sold,
  • lost due to theft and others

Protection to pot growers

There are existing blockchain solutions that keep absolute and crypto secured records of entire cannabis logistical supply chain. Examples include Medicinal Genomics and BLOCKStrain which enables utter transparency. Such transparency would see increased safety in not only workers or business owners but also consumers, patients and other industry participants. The entire transactions would easily be traceable. Blockchain acts as a single credible source of trusted data and safeguards pot growers. Regulators, producers, consumers, marijuana dispensaries, and patients – all would be able to verify the marijuana product’s quality as well as its authenticity and legal status. Through blockchain solutions, both pot growers and breeders can get the facility to protect their IP. On the other hand, governments will also be able to smoothly monitor compliance and control regulation in real time.

Cashless solutions

Transparency and security is crucial in the legal cannabis industry. As compared to cash-only alternative, so far, the blockchain has proven more secure option. This desire of going cashless to ensure security drives cryptocurrency in the cannabis market. Till now since 2010, many cannabis specific cryptocurrencies have emerged. To name a few, these digital currencies are: ParagonCoin, DopeCoin, PotCoin, CannabisCoin, HempCoin and CannaCoin.

The bottom line is:

Both blockchain and cryptocurrencies are making it effortless for the entire cannabis industry and those who are involved in the marijuana business. Starting from seed to sale, it can be extremely convenient to carry out transactions on blockchain platform. It will not be exaggerated to state that the future of budding cannabis industry lies in the blockchain technology.




I Disagree With Armostrong: Ripple CEO on Coinbase Apolitical Policy



Ripple CEO Brad Garlinghouse is the latest popular individual to criticize the apolitical approach recently taken by the cryptocurrency exchange Coinbase. Just the opposite, Ripple has offered employees paid time off to vote and volunteer in the upcoming US Presidential elections.

Ripple CEO Disagrees With Coinbase CEO

Brian Armstrong, the Chief Executive Officer of the veteran US-based digital asset platform Coinbase, raised lots of controversies recently after a blog post. He argued that his company should remain laser-focused on its mission to ascend as a cryptocurrency exchange and its employees need to avert from any political discussions or endeavors.

This so-called “apolitical” approach received reactions from people within and outside of the cryptocurrency space. Most, such as Twitter’s CEO Jack Dorsey, criticized Armstrong’s actions.

The latest to join the “I don’t agree with Armstrong bandwagon” is Brad Garlinghouse – the CEO of the payment protocol Ripple. He asserted that technology companies have the “obligation” to assist with solving social issues.

“We think about our mission as enabling an internet of value, but we seek positive outcomes for society. I think tech companies have an opportunity – but actually an obligation – to lean into being part of the solution.”

Ripple CEO Brad Garlinghouse. Source: Fortune
Ripple CEO Brad Garlinghouse. Source: Fortune

He called some of these social problems “exacerbated” by the tech sectors. As such, Ripple has decided to take the precisely opposite approach. The Silicon Valley-based company will offer its employees paid time off to volunteer and vote in the upcoming US Presidential elections.

It’s worth noting that Coinbase has seen at least 5% of its staff leaving following Armstrong’s apolitical urge. The exchange offered “generous exit packages” to all that disagreed with its politics.

Garlinghouse On The Ongoing YouTube Legal Battle

As CryptoPotato reported in April, Ripple filed a lawsuit against the most widely used video-sharing platform – YouTube. Ripple claimed that the Google-owned giant hadn’t done enough to fight the growing number of fake giveaways impersonating company executives and duping thousands and thousands of dollars from victims.

During the CNBC interview, Garlinghouse used the opportunity to criticize YouTube and its lack of appropriate actions once more. He doubled-down that Ripple doesn’t do such giveaways, and people need to be extremely cautious when they see one, even if it’s on a trusted platform.

“We didn’t need to do that [giveaways]; it doesn’t help Ripple. But what it highlights is that platforms need to take ownership of the problems they are contributing to.”

Featured Image Courtesy of VOX


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The PayPal Effect: Billionaire Chamath Palihapitiya And Libra’s Chief Believe Banks Will Support Bitcoin



PayPal’s decision to enable its users to interact with cryptocurrencies directly on its platform continues to attract popular individuals’ attention. The latest to acknowledge the significance of this move were the Head of Facebook Financial, David Marcus, and Social Capital CEO Chamath Palihapitiya.

Banks Will Follow PayPal, Says Marcus

Arguably the most significant piece of news recently came last week when the giant online payment processor PayPal announced it will soon enable its US-based customer to purchase, sell, and store several cryptocurrencies, including Bitcoin and Ethereum. Clients based outside the US will have this option available next year.

Apart from the immediate price reaction the news had on the cryptocurrency market, the community also accepted the announcement as a significantly bullish development.

In fact, most believe that this is just the beginning, and more centralized and trusted establishments, such as banks, will follow suit. Co-creator and board member of Facebook’s future cryptocurrency Libra, David Marcus, also weighed in on the news.

He asserted that the cryptocurrency industry is “turning a corner” as banks will pursue Bitcoin and stablecoins support.

Bitcoin Is No Longer Optional

Another famous individual to comment on the PayPal developments was the Social Capital CEO and former Facebook executive, Chamath Palihapitiya.

Being also a vocal supporter of Bitcoin, Palihapitiya, similarly to Marcus, highlighted that “every major bank is having a meeting about how to support Bitcoin. It’s no longer optional…”

Palihapitiya recently said that his first BTC purchase came at the start of the previous decade. He bought one million bitcoins for $80. Later on, he outlined the primary cryptocurrency as his best investment bet.

Social Capital’s CEO has also urged the public numerous times to allocate at least 1% of their investment portfolio in Bitcoin. He said that having such allocation helps him sleep “soundly at night.”

He also advised that people should avert from short-term price actions. Instead, he focuses on the long-term, knowing that Bitcoin’s fundamentally different attributes will protect him against the falling current financial infrastructure.


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BTC Price Analysis: Bitcoin Weakens As Wall Street In Deep Red, Is $14K Target Intact?



Bitcoin’s price remains stuck under the key 0.618 Fibonacci level at $13,360 going into this week after little bullish momentum arrived during the opening of the US traditional markets. Wall Street, meanwhile, is painted in red.

Over shorter timeframes, it’s clear that the general sentiment is still bullish as the leading asset continues to print higher lows. However, trading volumes are beginning to decline, and there’s a growing divergence between the RSI and price action, which suggests things may turn bearish soon.

Since the Paypal news broke on October 21, over $33 billion has flooded back into the crypto space and helped the leading asset’s market dominance break back over 61% for the first time since August 2, 2020.

Price Levels to Watch in the Short-term

On the weekly BTC/USD chart, we can see that the main resistance area (red shaded zone) standing in the way of Bitcoin right now is the aforementioned Fibonacci level and the June 24, 2019 high at $13,950.

This top price point also overlaps with the upper resistance of the broadening wedge pattern (yellow lines) that BTC has been tracking inside of since April 27, which makes it a particularly strong level for bulls to overcome.

If momentum picks up again, however, and bulls manage to set a new 490+-day high, then the next likely areas of resistance will probably lie somewhere around the psychological $14K mark, the $14,400 level, and $14,600.

If the strong bearish divergence on the 4-hour timeframe plays out (light blue lines), we should expect the first area of support at the 50 EMA at $12,600, followed by the first major support zone (green shaded area) between $12,300 and $11,950. Under that, we also have the 0.5 Fibonacci level at $11,400 and the support line of the broadening wedge pattern approximately around $11K to catch any dips if prices decline further.

Total market capital: $401 billion
Bitcoin market capital: $243 billion
Bitcoin dominance: 60.5%

*Data by Coingecko.

Bitstamp BTC/USD Weekly Chart

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BTC/USD chart via Tradingview.

Bitstamp BTC/USD 4-Hour Chart

Bitcoin trading BTC
BTC/USD chart via Tradingview.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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