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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

Bitcoin cools from 1-week highs with key long-term metric echoing $44K

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Bitcoin (BTC) returned to cement higher support on Nov. 30 after the latest BTC price comeback halted near $59,000.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

RSI sees “bullish engulfing”

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reversing to local lows of $55,920 on Bitstamp overnight.

The pair then recovered to circle $56,500 at the time of writing, with analysts keeping the faith on higher timeframe strength.

Popular Twitter personality TechDev noted that Bitcoin’s stochastic relative strength index (Stoch RSI) had “reset” to levels that echo BTC/USD at $44,000 — just before the run, which culminated in all-time highs.

“Bullish engulfing printed on stoch RSI cross with RSI reset to 44K levels,” he summarized alongside the 3-day chart. 

Bitcoin’s late strength Monday coincided with a return to form for macro markets and news that Twitter CEO Jack Dorsey had quit the company to focus entirely on Bitcoin activities.

While $60,000 remained out of reach of bulls, signs of a marked shift in sentiment were everywhere.

“Bitcoin high timeframe structure is bullish. Cycle awareness is key,” TechDev added in a separate post.

The Crypto Fear & Greed Index, days ago in “extreme fear” territory, looked set to enter its “neutral” zone with a score of 40/100 Tuesday.

Crypto Fear & Greed Index. Source: Alternative.me

Ethereum avoids breakout against BTC

For Ether (ETH) against Bitcoin, the picture was mixed.

Related: Where will BTC end November 2021? 5 things to watch in Bitcoin this week

As altcoins saw broadly flat performance over the past 24 hours, trader Crypto Ed highlighted a rising wedge pattern on the 4-hour timeframes for ETH/BTC. The weekly chart produced similar characteristics.

Rising wedge structures are often seen as a potential bear flag due to their tendency to break to the downside. 

ETH/USD traded at $4,400 at the time of writing, nonetheless up 7.3% over the past week.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView


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Source: https://cointelegraph.com/news/bitcoin-cools-from-1-week-highs-with-key-long-term-metric-echoing-44k

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Kraken exchange defies competitors’ regulatory concerns with SHIB listing

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United States-based digital asset exchange Kraken has announced it will begin supporting the viral meme coin Shiba Inu (SHIB) as of Nov. 30.

There will be a minimum deposit of 373,000 SHIB ($16 USD), and the minimum trading volume is 50,000 SHIB ($2 USD). SHIB will initially be tradeable against the USD and Euro pairs, however, Kraken Futures and Margin Trading for SHIB won’t be available at launch.

Australian managing director at Kraken Jonathon Miller told Cointelegraph that the crypto marketplace supports projects with a clear demand for trading, including SHIB.

At the time of publishing, SHIB is the 12th-largest cryptocurrency with a market capitalization of $25.81 billion. SHIB has surged over 20% in the last 24 hours on the listing news.

Miller added: “I wouldn’t describe Kraken as being the place where every single coin is listed, that’s not been what we have been known for.”

Kraken is one of the least conservative exchanges with 93 assets on the exchange in total. Meanwhile, Coinbase supports 51 assets and Robinhood only supports seven.

Other exchanges have been hesitant to list the Dogecoin-inspired altcoin over regulatory concerns, despite increasing pressure from their users. On Nov. 26 SHIB surpassed 1 million holders, despite trading 50% below its all-time high.

On Nov. 10, Robinhood chief operating officer Christine Brown said that the platform’s “strategy is different than a lot of the other players out there who are racing to list as many assets as possible right now.” The Change.org petition requesting that Robinhood lists the Shiba Inu Coin has amassed over half a million signatures.

Miller added: “There are certain services that we have that don’t really fit the regulatory mold. So there’s this gray area that the whole industry exists in, and that’s not specific to us.”

“That’s just the nature of the fact that we’re dealing with an innovative technology that really doesn’t have doesn’t necessarily fit the criteria that existing regulators perceive as possible.”

Related: Reserve Bank warns Aussies over punting on ‘fad driven’ cryptocurrencies

Describing the current regulatory climate for digital asset exchanges, Robinhood’s chief legal officer Dan Gallagher said at the Georgetown University Financial Markets Quality Conference on Nov. 19 that “It’s a very tense situation, and it does call for regulatory clarity which we haven’t seen yet.”


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Source: https://cointelegraph.com/news/kraken-exchange-defies-competitors-regulatory-concerns-with-shib-listing

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Ethereum privacy protocol Tornado Cash to launch on L2 Arbitrum

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Tornado Cash is about to get a scaling boost as the privacy protocol prepares for deployment on the Ethereum layer two network Arbitrum. 

Tornado Cash’s smart contracts are ready to roll on thArbitrum Layer 2 scaling network following contributions from the community to ensure the stability of the protocol.

The Nov. 29 announcement explained that deploying on Arbitrum will “allow users to take advantage of all the benefits a Layer 2 can offer, with cheaper transactions being the biggest comparative advantage.”

Tornado Cash is a fully decentralized Ethereum (ETH) mixer protocol. Tornado Cash masks the path that tokens such as ETH take from sender to receiver, providing completely private transactions without the need to use privacy-focused coins.

Layer two networks on Ethereum boast faster transactions and cheaper fees while still benefiting from the security and decentralization of Ethereum.

The Tornado Cash team believes that the deployment onto Arbitrum will allow more users to perform private crypto transactions while avoiding Ethereum’s high gas fees. L2 transactions are expected to be around 95% cheaper than those on L1 Ethereum according to the team.

In order to use Tornado Cash on Arbitrum, users must first send ETH, ERC-20, and ERC-721 tokens from Ethereum to Arbitrum via the Arbitrum Bridge.

Related: DeFi TVL hits new highs while Metaverse tokens show signs of exhaustion

Arbitrum is currently the biggest L2 on Ethereum with $2.68 billion in total value locked, representing 39% of the L2 market share. This is second only to Boba Network’s $1.38 billion in TVL, making Boba and Arbitrum the only two L2’s with over $1 billion in TVL, according to L2Beat.

The number of unique addresses on Arbitrum has grown steadily since September, and stands at 291,876 as of the time of writing. Tornado Cash has $847 million in TVL according to DeFiPulse.

As reported by Cointelegraph, Tornado Cash unveiled its TORN governance token in Dec. 2020 and airdropped them to users in Feb. 2021.


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Source: https://cointelegraph.com/news/ethereum-privacy-protocol-tornado-cash-to-launch-on-l2-arbitrum

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