Cannabis Industry using Smart Contracts for Seed and Product Certification

BUSINESS NEEDS:

As a partner of managed services contract, BLOCKnit actively engages with the client stakeholder to ensure complete oversight, reliability and symbiotic business relationship. Our client requires a smart contract based "genome to sale" solution for selling cannabis ensuring:

• Legality to seed,
• Provisioning of material
• Certified testing
• Corrected weight measurements
• Authenticated License of sales
• Release of documents
• Payment to farmers
• Tax payment to government
• Record all transactions

SOLUTION

• BLOCKnit delivered an integrated Etheruem, smart contract based private blockchain hybrid solution to existing web application platform that integrates with current customer's SQL SERVER database, ASP.NET web UI, Nodejs based communication protocol as follows:

1. Each stakeholder is provided an encrypted token for identification and transactional agreements.
2. Decentralized implementation ensured that all stakeholders have concurrent access to cannabis lifecycle
3. Smart contracts execution enables data verification to the 3rd place of decimal. Thus, ensuring digital cross-validity between suppliers, processors, testers and retailers simultaneously.
4. Functions as 'multi-signature' accounts, so that funds are released to testers and seed suppliers when a required authenticity and legality meets
5. Each transaction is stored in BLOCKS of information that allows easy search and retrieval of immutable, append only records
6. Lab Certifications issued are availed for government and legal purposes digitally without human interactions

RESULTS AND BENEFITS

Owing to tight collaboration between BLOCKnit's team and the client, customer is able to build a highly scalable, trustworthy and near real-time solution which has:

1. Accuracy exacting to the defined parameters inside smart contracts
2. Real-time alerting of failed Cannabis lab-tests results, when not meeting the required legal standards--also defined in smart contracts and authenticated via multi-party peer agreements. This empowers and encourages suppliers who follow industry regulations and quickly eliminates non-eligibile contents.
   
3. Smart contracts are encapsulated, executed and validated through digitally secured certificates, thus eliminating chances of malformed information.
   
4. High scalability and system endurance achieved along with integration with existing technology using BLOCKnit solutions.