Canada’s cannabis sales could be secured by blockchain says IBM
IBM said blockchain technology could provide a “secure way to track legal cannabis sales in Canada,” after the country moved to legalise cannabis this year.
Underlying cryptocurrencies such as bitcoin, blockchain records data using a digital ledger system “securely” amongst hundreds of computers.
Blockchain is “difficult for hackers to attack”. The data is kept “private and secure” because the cryptographic key that secures it “cannot be converted back”.
The American multinational technology company, IBM, said to the BBC: “Blockchain is an ideal mechanism in which it can transparently capture the entire history of cannabis through the entire supply chain, ultimately ensuring consumer safety while exerting regulatory control – from seed to sale.
“Blockchain is a highly effective trust mechanism which uses a cryptographically-secure shared ledger to irrefutably track complex transactions amongst many known parties.”
Similarly, technology company, Everledger, is said to be using blockchain to verify the history of diamond transactions.