The cannabis plant has been exposed to a storm of negative connotations and misfortunes despite its positive attributes. The plant has some non-psychoactive constituents such as Cannabidiol (CBD), Cannabidivarin (CBD), Cannabigerol (CBG). The cannabinoid industry with the help of experts who are committed to the exploration of the potential application of phytocannabinoids has been able to get rid of the damaging preconceptions associated with cannabis. There is more to the cannabis plant than its perceived stereotypical recreational ties. The cannabinoid industry is striving to provide easy access to world-class cannabinoid extracts known as phytocannabinoids. The industry wishes to provide the whole populace access to the collection of peer-reviewed scientific studies showing the various potential applications of cannabis plants.
Cannabis Industry Best Case for America and Currency Exchange
However, the major issue faced by the cannabinoid issue is banking. The evolution of the cannabinoid industry has manifested various degrees and nature of problematic situations to those working in the legal cannabis trade. The fact that cannabis remains listed under the CSA as a Schedule 1 (1) substance makes its use, possession, and distribution unlawful. Banks are skeptical about working with cannabis trade due to the anti-laundering laws for banks. This has forced many people in the cannabinoid industry to go into cash-only transactions. Such transactions are risky. Having a huge amount of cash in the office or at home could create public safety issues which can result in violent robbery attacks.
The blockchain technology has been found useful in bridging the gap created by banking in the cannabinoid industry. The technology creates a ledger of records which are arranged in data objects referred to as blocks. The blocks, which are linked together through encryption, provide the framework needed by digital currency to conduct online transactions which are secured. With the blockchain technology, the problems faced by cannabinoid industry can be solved. Blockchain technology eliminates elements of distrust in the transactions of phytocannabinoids.
The technology enables the introduction of a wide range of validation mechanism by users thus simplifying the payment and clearing processes and also changing the role of intermediaries.
Despite that, the blockchain technology enables the transfer of value more efficiently thus solving the issue of cash transactions. Also, scientific studies and research that involves the potential application of cannabis plants can be supported through crowdfunding. The capital and support needed for such research can be raised through the use of initial coin offerings (ICO) which is a unique method for funding projects. Watch for the latest in Cannabis and Blockchain.