However, despite all the potential in the industry, it is still grappling with the need for standardisation and better self-regulation. As with all other industries, both elements are required for stability and investor confidence, as opposed to the high risk factor attached to industries without proper cohesion.
One of the major problems that the industry has been facing so far is the fact that there is an absence of generally accepted standards when it comes to the collection, storage and utilisation of data, which is something that’s essential in all pharmaceutical industries. One simple example is the difficulty of determining exactly which strain (of which there are hundreds) is best for patients with particular medical conditions.Nuvus
Blockchain, with its wealth of experience drawn from many years as an active participant in the medical marijuana industry, is attempting to bridge that gap by using the cutting edge of data security technology (blockchain distributed ledger) to ensure that transactions can be made securely, tracked and referenced for the benefit of the industry at large.
One way that they are trying to achieve this is by leveraging on contacts and relationships they have from their previous forays in the industry. This sets them miles ahead of other competing medical marijuana exchanges because when it comes to getting crucial data from technology firms, doctors, scientists, universities and government to ensure that the information is all up-to-date and accurate, a company with a recognised history and good reputation would find it much easier than a relatively new and unknown one.
That’s an important thing because the industry could do with a lot more cooperation and interaction between the participants, from the buyers and sellers to the medical personnel and even the regulators. Sharing information in a transparent, secure manner would do a lot to encourage investment in the industry, which will in turn lead to a boost in the profits of everyone involved.
In accessing the information, the need for a secure platform that’s also simple and user-friendly has been one of the factors driving interest in the company’s upcoming ICO
(Initial coin offering), positioning it as the likely winner of the standards war in this fledgling but immensely profitable industry. As a company with proven experience in combining technology and medical marijuana, the expectation is that the lessons from prior activities will be brought to bear in this venture.
Another area where their experience is going to shine through is in the hiring and training professionals to sell, manage, monitor, and service the technical aspects of supporting the ecosystem, both in terms of hardware and software optimisation.