The 21st century marketplace thrives on data. Marketing, logistics and development all depend on a constant influx of pertinent information. The nascent cannabis industry lacks much of this hard data – a problem that blockchain-based Measure Protocol hopes to solve. They’ve partnered with the cannabis-oriented Broccoli survey app to begin building a database of community information.
Measure Protocol provides framework services for paid data collection. Users can opt-in to their service and earn rewards for providing valuable data. The infrastructure of the system depends on blockchain technology. The inherent privacy offered by a blockchain system allows users to feel at ease answering personal questions – including those based on the occasionally questionable legality of cannabis.
Their partner, Broccoli, is a division of Audacia Bioscience. Audacia focuses on scientific research within the cannabis industry, including clinical trials and community research. A partnership with Measure Protocol offers the best path to open, truthful answers from the cannabis community.
The Integration of Blockchain and Cannabis
Blockchain technology and the cannabis industry are kindred spirits. Both suffer from unclear legislative framework and the effects of existing just outside the public consciousness. Further, both have surged ahead in recent years to become more widely accepted. These similarities have led to consistent partnerships similar to that of Measure Protocol and Broccoli.
Global supply chain logistics are a favored use-case for blockchain tech. Marijuana supply chains are critically important, given the substance’s history. Tracking supplies on the blockchain helps to avoid pitfalls, ensuring purchasers that the cannabis comes from legal and ethical sources. Strict self-regulation and quality control are critical for the cannabis industry as it moves towards full legitimacy.
The State of the Cannabis Industry
In a further parallel, both cannabis and cryptocurrency enjoyed unheard of growth in the 2017-2018 time frame. Cryptocurrency’s bubble burst in the first few months of 2018. As of late 2019, the industry is beginning to recover after a rough year that purged many of the smaller market cap projects. Similarly, the cannabis industry suffers from an unexpected setback from over-supply issues, scandals, legalization, and more.
A wave of legalization efforts led to many states allowing recreational use of cannabis. While more states were expected to follow this push, it ultimately taking longer than some experts estimated. A shift in administrations led to a decidedly less marijuana-positive federal government. As a result, the industry struggled to keep up with initial high expectations. Cannabis still represents a considerable growth market, but it will depend on renewed efforts to legalize and clarify existing legislation.
Article By: Adam Stone