Bitter Sweet: Denver Shuts Down 11 Dispensaries for Double-Dealing Weed

Share on:
Published Wed December 20, 2017, 12:00 AM EST

Michael Kramer believes blockchains could prevent looping while taking the burden of memorizing everyone’s IDs off budtenders. Kramer is CEO of 420 Blockchain, a cannabis tracking system company based in Boca Raton, Florida. 420 Blockchain is based on Augusta High-Tech’s Framework Hyperledger running on the Google platform, and they just launched beta tests in California and Rhode Island, with Kramer expecting the full-fledged system to go online sometime in the next month.

“Blockchain is an irrefutable ledger,” Kramer told MERRY JANE by phone. “It can never be changed. It can never be hacked.”

He says blockchain technology can prevent shady pot shop employees from scoring quick, dirty kickbacks. “We can put in provisions that prevent looping,” he explains. Transactions on 420 Blockchain can follow “permissions,” which set specific parameters for purchases or transport of weed products. Permissions don’t require human guidance; they’re guided and ensured by the blockchain itself.

For example, a driver’s license would be scanned at the dispensary, recording the customer’s name and purchase amount. Permissions could automatically assess weight limits based on the types of products sold (flower, concentrate, edible, topical, etc.), then approve or decline the sale. Additionally, the blockchain would lock into a statewide (or hypothetically, even a nationwide) network, so a customer would not only be capped from looping at one dispensary location, but any and all dispensary locations for the day.

“The blockchain will know if I go into any other [dispensary], that I already bought my allotted amount,” Kramer continues.

“The fact that legacy ERPs” — or enterprise resource planners, like METRC — “aren’t tracking [customer purchases with blockchain].... I just don’t understand that,” says Kramer. He sees 420 Blockchain eventually coordinating with legislators and regulators to balance the concerns of protecting customer privacy while ensuring weed products aren’t diverted to black markets or across state lines.

“We can trace down every penny to every gram,” he says. “Every transaction is recorded.”

Read Full News Release
Previous Next

Read More

Three Ways Oncology Will Benefit From Blockchain

Karthik Pichai • 5 min read

That approximately four of five hospitals have a basic electronic health record (EHR) system should be alarming for one reason: the one in five hospitals that don’t use it. That means that 20 percent of healthcare providers still rely on manual filing processes that became outdated the moment Loc...

Read

Should Your Business Use Blockchain? 4 Questions to Ask

Karthik Pichai • 5 min read

Since the early days of the dot-com boom, we've been engrossed with the power of technology. Even when ambitious properties such as Pets.com and eToys proved unsustainable, we were left with a bevy of tools capable of simplifying and even solving problems.

Read

Food Governance is Imperative for Transparency

Sean Caputo • 6 min read

Over the past decade, the distinction between organic and conventional food has drawn a more discerning eye from consumers. From the farm to the table, food supply chains have grown in complexity and become subjected to ongoing pressures related to global compensation, regulatory controls and the...

Read

Strategic up to date study on Blockchain Testing Service Market predicted to grow high by profiling Companies-Cigniti, Augusta HiTech, TestFort

Augusta HiTech • 4 min read

The Blockchain Testing Service market report is the most important research for who looks for complete information on Blockchain Testing Service markets. The report covers all information on the Global and regional markets including old and future trends for market demand, size, trading, supply, ...

Read

Contact Augusta