- Telecommunications Giant Vodafone Leaves the Libra Association
- Group of Central Banks Assesses Developing Central Bank Digital Currencies
- South Korea Might Impose 20 Percent Tax on Cryptocurrency Profits
- Report: Terrorists Increasingly Use Crypto to Raise Funds Anonymously
- Canadian Securities Administrators Subject Crypto Exchanges to Securities Laws
With the emergence of blockchain initially in the sphere of cryptocurrency, other industries have also found this technology useful and have not wasted time in making use of it. From the financial industry to supply and logistics, and finally, the medical field.
The crypto news making the rounds currently has to do with a retail pharmacy chain in Canada known as Shoppers Drug Mart partnering with a blockchain company TruTrace Technologies to debut a program strictly for the tracking of cannabis supply chain through a blockchain-powered platform. It has been announced that this blockchain platform is capable of providing a level of comfort for not only doctors but pharmacists alike pertaining to how reliable medical cannabis is for patients.
According to Ken Weisbrod; Vice-President of business development at Shoppers Drug Mart, his company has gone on to sign a deal with TruTrace Technologies for a pilot program. This program is to be carried out in a bid to provide a blockchain platform that will be used in tracking medical cannabis from its inception stage which is the seed stage down to the final product.
For Weisbrod, the original source of medical cannabis should be traceable as well as accountable for both practitioners and patients to have confidence in their treatment. He went on to state that whenever a patient takes medication, he or she has an expectation in mind that the medication is standardized and has been proven reliable with constant clinical outcomes as well as results.
For Shoppers Drug Mart, the company currently offers medical cannabis to its patients but this is done online alone. Nonetheless, this pilot program will end its first phase on the 31st of July with full application targeted for November this year.
Employing Blockchain to Identify and Track Medical Cannabis
Basically, the work of this blockchain-based tracking system is to identify and monitor or rather track medical cannabis including data like the genetics and source of the strain. The information gathered will enable doctors to effectively issue an additional prescription. Not only that, the data will also enable doctors to provide adequate information for the clinical trials of medical marijuana.
Reports circulating has Ken Weisbrod saying that the main inspiration hanging behind the tracking system is actually to assuage the concerns of both doctors and patients alike by creating cannabis to be more like the regular or traditional medicine.
Also, the CEO of TruTrace Robert Galarza had some words to say about the blockchain tracking system. Galarza said that he hopes the partnership of both companies can be easily parlayed into the same arrangements with two well-known pharmacy chains. The pharmacy chains are American pharmacies known as Walgreens and CVS. Also, they are already engaged in trading products that are based on cannabis.
For Ken Weisbrod, this blockchain pilot program will go a long way as doctors will be able to say later on that with the drugs, they are seeing powerful and positive outcomes in their patients.
Not the First Blockchain-Based Platform for Cannabis
In 2017, the crybersecurity firm known as CyberCar went into partnership with WebJoint, a cannabis supply chain software company. This partnership was formed to utilize car tracking system based off blockchain to deliver cannabis. This is not the first blockchain-cannabis initiative in Canada; in the end of 2018, DMG Blockchain Solutions announced that the company is developing a blockchain platform for legal cannabis.
With this new initiative, there is no doubt that the partnership between Shopping Drug Mart and TruTrace Technologies will be a big leap for the medical industry. Blockchain is helping industries to take giant strides into the future with more transparency and informative data.