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How Blockchain Technology can help Safeguard Cannabis Industry

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With legalization of cannabis and marijuana in few states of North America, the entire cannabis industry and its growth has become the talk of the town. Another budding industry that is expected to disrupt almost all mega industries can play a major role in safeguarding cannabis industry. Any guesses which it is? Yes, you imagined it right. We are talking about how the potential of blockchain technology can help safeguard cannabis industry and marijuana dispensaries.

cannabis health

Lending

Obviously, the blockchain can’t directly help with the regulatory environment or legalization concerns. However, the technology may be able to assist with the other burning issue i.e. lending. Cannabis businesses can’t normally access credit cards or bank loans. In some cases, even outside investment is also not possible to access. However, new models of blockchain-based lending are commencing to take shape in this space.

As per Cryptography expert Clark, the biggest concern in any sort of lending is the threat of the loan recipient escaping with the cash.

Clark says that “Blockchain will not solve that problem for you, but it can help by adding transparency, so you might know a reputation or have some insurance on the side or that type of thing.”

Blockchain-based payments

As per the latest industry research reports, legal cannabis is nearly a $7-billion business in the U.S. alone. In addition, most of the business is carried out in hard cash. This “cash only” trend is in the process of transformation or we can say that it must needs transformation.

The cash-intensive trait of the cannabis business invites criminal activity to some extent. If the money earned from the sale of cannabis is used in cash payments to workers like electricians, plumbers or other blue-collar jobbers, it falls under money laundering.

In the real world, not each and everyone is crazy about blockchain encryption.  But, if we talk about cannabis industry in particular, it is definitely eyeing on the blockchain encryption for safeguarding.

In order to safeguard reliability of the legal cannabis market, The Cannabis Act sanctions Health Canada to employ a national tracking system for marijuana, tracking seed to sale journey.

Store sensitive information

In the blockchain, encryption and verification is there at all stages, in all blocks. Hence, it is almost impossible for any single user to manipulate the data. A user cannot alter, hack or delete any kind of information from the block or sequence. So, it is safe to store any sensitive information pertaining to marijuana on blockchain platform. This feature is boon to the cannabis industry.

With legalization of marijuana and cannabis, the Canadian government also demands a thorough record keeping i.e. records of seed to sale tracking. Basically, it is insisted to help avert diversion of marijuana. In other words, the intent behind this demand is to keep an eye on and prevent the movement of legal cannabis to the illegal market and vice-versa.

Further, the following records pertaining to cannabis and marijuana need to be filed on monthly basis. As per the Act, all authorized companies operating in the cannabis industry should file records on how a particular weed / marijuana was

  • breed,
  • grew,
  • harvested,
  • destroyed,
  • sold,
  • lost due to theft and others

Protection to pot growers

There are existing blockchain solutions that keep absolute and crypto secured records of entire cannabis logistical supply chain. Examples include Medicinal Genomics and BLOCKStrain which enables utter transparency. Such transparency would see increased safety in not only workers or business owners but also consumers, patients and other industry participants. The entire transactions would easily be traceable. Blockchain acts as a single credible source of trusted data and safeguards pot growers. Regulators, producers, consumers, marijuana dispensaries, and patients – all would be able to verify the marijuana product’s quality as well as its authenticity and legal status. Through blockchain solutions, both pot growers and breeders can get the facility to protect their IP. On the other hand, governments will also be able to smoothly monitor compliance and control regulation in real time.

Cashless solutions

Transparency and security is crucial in the legal cannabis industry. As compared to cash-only alternative, so far, the blockchain has proven more secure option. This desire of going cashless to ensure security drives cryptocurrency in the cannabis market. Till now since 2010, many cannabis specific cryptocurrencies have emerged. To name a few, these digital currencies are: ParagonCoin, DopeCoin, PotCoin, CannabisCoin, HempCoin and CannaCoin.

The bottom line is:

Both blockchain and cryptocurrencies are making it effortless for the entire cannabis industry and those who are involved in the marijuana business. Starting from seed to sale, it can be extremely convenient to carry out transactions on blockchain platform. It will not be exaggerated to state that the future of budding cannabis industry lies in the blockchain technology.

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Source: https://blockchainhealthcarereview.com/how-blockchain-technology-can-help-safeguard-cannabis-industry/

Blockchain

Ethereum price prediction – Bulls take ETH/USD beyond $384 to target $400 next

Ethereum price prediction largely following a broader altcoin rally ETH/USD posted a 2.74 percent rise on Sunday and continued the upsurge today Volume and liquidity combination to fuel the next rally upwards Ethereum price prediction – Current price overview The current Ethereum price sits at $379 after piercing through the Bollinger Bands to show a […]

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  • Ethereum price prediction largely following a broader altcoin rally
  • ETH/USD posted a 2.74 percent rise on Sunday and continued the upsurge today
  • Volume and liquidity combination to fuel the next rally upwards
Ethereum price prediction – Bulls take ETH/USD beyond $384 to target $400 next 1
Cryptocurrency heat map by Coin360

Ethereum price prediction – Current price overview

The current Ethereum price sits at $379 after piercing through the Bollinger Bands to show a bullish resolve. Unlike Bitcoin, Ethereum ended last week on a relatively positive note and traded near the upper channel at $367. After a successful close above $370, ETH/USD pair rose to touch a high of $384 propelled by solid buying activity.

The upward push also demolished the resistance at $374, and the pair look set to close the day above this crucial resistance. Even if the pair settles in a range between $375 to $381, traders would be happy to maintain their positions and continue further bullish momentum.

Ethereum price movement in the last 4 hours – Bulls are holding the fort

Ethereum price prediction – Bulls take ETH/USD beyond $384 to target $400 next 2
Ethereum price chart by TradingView

Though rejected from $384, the Ethereum price is currently settled around the $378 pivot point. As long as $374 support holds well, Ethereum price prediction remains high. In case ETH/USD closes above the $382 resistance, traders can start booking profits on a rally higher towards $395.

There is sufficient support from the broader altcoin realm, which is basking in positive sentiment. In case the rally falters, the 38.2 Fibonacci support at $367 would emerge as strong support where further accumulation may take place. An extended sell-off can bring $257 support into the picture, which is also the 23.6 percent Fibonacci levels for the pair.

The ETH/BTC pair is now in a symmetrical triangle. Bulls have been rejected multiple times from the upper end of the triangle at 0.0337 level. The pair is trading around 0.0327 BTC after failing to break the bearish pattern.

ETH/USD 4-hour chart– Bulls confidently maintain 2019 highs

The key support levels at $364 and $374 represent the 2019 highs. Ethereum touched $396 a few days ago, which was met with some selling pressure. However, the bears faltered as they could not bring the price under $355 support, and bulls closed in near the $374 level.

Over the weekend, Ethereum price prediction turned positive as ETH/USD pair gained to touch $380. The coin is currently in consolidation after a relentless push upwards with a rising trend line. The pair may soon witness historic $400 highs as bulls follow the broader crypto rally.

On the 4-hour chart, buyers are consistently emerging around the $380 level helping the pair maintain bullish Ethereum price prediction. The ‘Relative Strength Index’ is biased towards the positive side and is far from any overbought levels.

The rising wedge pattern in the daily ETH/USD charts is signalling a bearish trend. The pair must break above the pattern with a strong bullish up-wave. Any significant breakout from the pattern can result in a 15 to 18 percent upsurge in price. However, a false breakout can bring down the price towards the $200 level, a severe dent.

Ethereum price prediction – Conclusion

The technical indicators don’t point towards any untoward price action in the near term. The RSI is neutral to positive. MACD is on the verge of a bullish crossover. Backed by substantial volume, the price can continue its momentum upwards. The bullish action also depends on the severity of correction, if any. It remains to be seen how the bulls would react if the price drops abruptly bringing a question mark over Ethereum price prediction direction.

The 20-day EMA is now making an upward slope along with a positive RSI. Any bullish momentum that breaks above $396 can bring $475 into the picture. Remember, the annual high of $488 is very much possible in the next three months.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Bitcoin Price Has Only Ever Spent 93 Days Above $11,500

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With Bitcoin’s price hovering around $11,500, recent data indicated that the asset had spent only about three months of its existence above that particular level.

BTC: Only Three Months Above $11.5K

The official launch of the first-ever cryptocurrency came in early January 2009. Born during the last massive financial crisis, Bitcoin was this “magical money” that actually lacked any significant attention in its initial years. Consequently, its price traded close to zero for a while.

Since then, however, Bitcoin started gaining traction that ultimately resulted in severe volatility throughout the years. The massive fluctuations took the asset towards an all-time high in December 2017 of nearly $20,000, and just a year later, BTC saw its price beneath $4,000.

Fast-forwarding two years and Bitcoin is currently positioned around $11,500. Although this level is nearly twice as less as the all-time high, recent data from the analytics company Skew informed that BTC hadn’t spent a lot of time above $11,500.

Historical Performance Bitcoin Price. Source: Skew
Historical Performance Bitcoin Price. Source: Skew

More precisely, BTC’s price has hovered above $11,500 for only 93 days (or three months) since January 2009.

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Fundamentals in Place

Apart from the data above, Bitcoin’s hash rate has experienced a significant boost even after the completion of the third halving in May. As CryptoPotato reported recently, the metric measuring the computing power miners use to validate transactions on the BTC blockchain reached a new all-time high of 170 exahashes per second. This represented a 40% increase in the five months following the halving.

Although the hash rate is not correlated with the price, another report suggested an upcoming price increase. By indicating that Bitcoin whales, meaning entities with at least 1,000 coins, have slowed down accumulation, Glassnode asserted that this could ultimately be a bullish sign for the asset price.

Historically, once whales have stopped buying massive quantities, this has led to an opportunity for retail investors. According to the analytics company, Bitcoin may be in the “beginning of a run-up to a market top.”

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Source: https://cryptopotato.com/bitcoin-price-has-only-ever-spent-93-days-above-11500/

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US Fed Chair Jerome Powell Says It’s Better to Be Right Than First on CBDC

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  • US Fed Chair Powell believes that the United States should focus on getting right the development of a central bank digital currency (CBDC), rather than attempt to be first.
  • While speaking on a panel hosted by the International Monetary Fund (IMF), Powell reassured that the US is “committed to carefully and thoughtfully evaluating the potential costs and benefits of a CBDC for the US economy and payments system.”
  • Although Powell admitted that the digital currency has the potential to improve the current payments system, he claimed that the Fed hadn’t made a final decision on launching its own.
  • Reports from earlier this year suggested that the Federal Reserve had started experimenting with a hypothetical digital currency.
  • Nevertheless, today’s speech showcased that the US central bank is still unconvinced by that idea. In contrast, the other global superpower China has been making serious improvements on the matter. 
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  • CryptoPotato reported earlier today that China had taken the CBDC tests to its citizens by airdropping $1.5 million worth of the digital yuan and urging them to buy goods. However, the initial results weren’t promising as users said it didn’t offer anything groundbreaking. 

Featured Image Courtesy Of CNBC

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Source: https://cryptopotato.com/us-fed-chair-jerome-powell-says-its-better-to-be-right-than-first-on-cbdc/

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