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
Blockchain, on the other hand, enables reports to be uploaded directly to the chain by distributors and viewed by users. Some organizations even use blockchain to track cannabis and hemp transactions from the grower to the end user without ever touching the product.Read
According to a Harvard Business Review study, it’s likely that 85% of customer interactions with businesses won’t involve humans on the other end by 2020. Thanks to mobile and the web, customer self-service is already commonplace in many industries. Thanks to the emergence of automation and artif...Read
Enterprise companies may have larger budgets for innovation, but that money doesn’t compensate for a lack of innovative talent. Many teams lack the technological experience necessary to create useful solutions — and the executives who oversee them are often wary of new processes.Read
The adoption of robotic process automation (RPA) has allowed some providers to optimize patient intake and reduce data input errors. This tweak simplifies revenue cycle management and leads to faster medical reimbursements for patients. The technology is still in its infancy, but its benefits are...Read