Supply chain management systems continually surface as an obvious choice for blockchain technology integration. These networks are a system of ledgers that can combine the physical movement of products, any monetary transactions involved, and even store other data important to the quality or integrity of the product as it moves from source to customer.
Most applications of the technology take advantage of the cryptographic nature involved in cryptocurrencies that allow products to be digitally labeled in a way that makes them unable to be copied. This will be a major deterrent to the counterfeit goods industry. Others use some physical technology such as RFID tags, and ultimately are working towards the concept of total connectedness via the internet - IoT (internet of things), where computing devices embedded in everyday objects enables them to send and receive data. This is especially useful to agricultural products where a shelf life is involved.
In Canada, the cannabis industry is one of the fastest growing. Movement of these products will be able to benefit form most available through blockchain technology. DMG Blockchain solutions specializes in a wide range of related services, but has most recently announced a platform to bring together the Canadian Cannabis industry and blockchain technology. They hope to build a global supply chain management platform after deployment in Canada.
“Canada is being positioned to be the global supplier of cannabis, and our blockchain platform can help enable this by way of product traceability for rapid recalls, ensuring a legal source of product, enhancing product safety, as well as facilitating and automating legal and taxation compliance.” - DMG CEO Dan Reitzik
DMG Blockchain Solutions Inc.
The company began as a cryptocurrency company to manage, operate and develop end-to-end solutions that monetizes the blockchain ecosystem. They also provide Mining as a Service (MaaS), crypto mining, blockchain forensics/analytics, and blockchain platform development. They completed construction of one of the largest mining facilities in North America last month. It is located in British Columbia, Canada.
● First mover advantage - no other company has focused on this industry yet at a global scale
● A wide range of services will allow for immediate product traceability, automated transactions and information flow among licensed producers, licensed distributors, regulators, retailers, shippers, and reporting and auditing systems
● Fortune 100 clients already in place
Cannabis Market Potential
There are over 120 licensed cannabis producers in Canada, representing a $23 billion dollar industry with an estimated $6 billion in revenue from 13 million recreational users. Experts believe the global cannabis market could exceed $500 billion.
By: BGN Editorial Staff