TruTrace Technologies Inc, a Blockchain tracking startup, has now collaborated with Deloitte with the motive of using blockchain technology to track cannabis.
On Sept. 4, ProactiveInvestors (an Investing news outlet) reported that TruTrace partnered with Deloitte to launch its StrainSecure product. Customers and retailers have the benefit of knowing the product’s history with the system as it uses blockchain technology to track cannabis from seed to sale.
According to Robert Galarza, TruTrace CEO, the cannabis industry will be more transparent when the new system is implemented.
The firm will gear up on Deloitte’s firm membership — of nearly 80% of Fortune Global 500 companies — to promote the product to a wider base of stakeholders.
Blockchain-based cannabis supply chains
The initiative is not the first in the cannabis industry that has employed decentralized ledger technologies. Yesterday, Security Matters, — an Australian Securities Exchange-listed firm, — filed a patent application for securing the cannabis supply chain using a blockchain system in the United States.
Similarly, Drug Mart — Canadian pharmacy chain Shoppers — also entered into a partnership with TruTrace in June to facilitate a pilot cannabis supply chain program. With the program, various medical cannabis strains will be tracked, enabling doctors to issue more effective and informed prescriptions for medical marijuana clinical trials.