DMG To Create Cannabis Supply Chain Based On Blockchain
DMG Blockchain Solutions, a Canadian company, has announced the cooperation with partners, the aim of which is to create a blockchain platform for managing the supply of legalized cannabis, according to a press release.
It is anticipated that the platform will start operations in Canada, and then will expand globally. Currently, the DMG experts with their partners from the technological and financial fields are negotiating with the representatives of the cannabis industry, in particular, product manufacturers, quality assurance labs, retailers, and regulatory authorities.
The initiative to launch the blockchain platform involves cooperation between all interested parties and must meet their requirements. Before developing a new product, DMG will carefully examine all the proposals of the industry participants.
The cannabis industry is growing every year and requires new supply management solutions. Blockchain can be considered a logical choice, and DMG aims to be the first to offer such a solution. For the first time, blockchain was used to create bitcoin, but it is best suited to manage product supply chains, Dan Reitzik, CEO of DMG, stated.
Canada is considered one of the world's largest suppliers of cannabis. The total market volume of this product within the country is $23 billion. Various sources indicate that the global market may exceed $500 billion.
As previously reported, Canadian developers created a blockchain application for working with government data.