Blockchain technology is proving to be beneficial in every sector and in an evolving industry such as the medical marijuana sector, the technology is finding its way into the industry. Among the many firms driving up the integration of blockchain in the industry is TruTrace, a Toronto based firm which has just teamed up with Deloitte.
According to a press release, the two firms have joined hands to track cannabis from the farms to the stores. Through incorporating StrainSecure blockchain solution, the parties will be able to monitor the movement of the products. While counting on the core features of StrainSecure blockchain platform, the partners hope to unearth the power of blockchain to improve the current cannabis supply chain system.
According to Robert Galarza, CEO TruTrace StrainSecure will streamline the cannabis sector by bringing transparency in the industry. Similarly, the solution will be of use to both retailers and customers. The platform will help users learn of the product’s history.
On the other hand, TruTrace is banking on Deloitte networks to help spread the use of its solution further. In particular, TruTrace hopes to tap directly on Deloitte’s global network. Per details online, Deloitte serves 80% of Fortune Global 500 firms.
Galarza explained the importance of its partnership with Deloitte, saying:
“It’s of great importance for startups leveraging emerging technologies to revolutionize the market to team up with reputable firms to ensure growth. For us, we choose Deloitte and are happy to have allied with such a well-established firm. Deloitte is a household name, and together we are confident we will brifng change by fast-tracking the implementation and adoption of emerging technologies such as blockchain. Through our partnership, we hope to impose a great level of transparency which will improve trust in this evolving sector.”
Apart from StrainSecure, TruTrace is also part of another pilot program put together in June by TruTrace and Shoppers Drug Mart a Canadian pharmacy chain store. Just like in StrainSecure case, the pilot project was put in place to track various strains of cannabis.
However, the end game here was to enable doctors to be able to issue prescriptions effectively but also help compile data for medical marijuana clinical trials. Besides TruTrace being active in the cannabis sector, the sector also has Security Matters; an Australian Securities Exchange-listed firm.