Bitcoin Global News (BGN)
October 18, 2018 -- ADVFN Crypto NewsWire -- 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