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