Cannabis distribution stands benefited by blockchain

Rafarma Pharmaceuticals Inc shared news on 19 June about an agreement with Aetsoft LLC to leverage cannabis distribution using blockchain.

Rafarma conveyed that Aetsoft is a leading developer of blockchain software. The pharmaceutical firm indicated that under the agreement,  Aetsoft would provide cannabis control software to Rafarma. This software would be based on state-of-the-art blockchain technology. Rafarma clarified that all the rights of the software would transfer to Rafarma. Rafarma further added that it would work with Aetsoft to leverage the software while extending its popularity.

Rafarma CEO Srečo Bojt added –

“The cannabis industry has traditionally been fragmented, untrustworthy, and often illicit, but is now moving towards greater legitimacy. New research shows the powerful health benefits of cannabis and its derivatives, and strong social movements are pushing for increased legalization. One way to improve the reputation of the industry is to modernize it, standardize it, and make it fully verifiable–built on a system of trust between patients, doctors, growers, and suppliers.”

Srečo further added by extolling the qualities of blockchain. Srečo noted that blockchain being immutable and ledger based, offers many advantages. Also, there is much integrity in blockchain contracts. Srečo opined that such infrastructure almost makes storing data universally. All the product life cycle events can be captured. Patient information can also be recorded and payments made easy.

The pharmaceutical firm indicated that under the agreement, Aetsoft would provide cannabis control software to Rafarma.

In May, there were reports of US pharmaceutical giants joining Chronicled’s Mediledger project. Pfizer Inc., McKesson Corporation, AmerisourceBergen Corporation, and Premier Inc. were some of the prominent companies in life science and healthcare sectors collaborating with the Mediledger project. This development was seen as a major boost to Chronicled.

Likewise in June, the retail giant Walmart shared an update about collaborating with IBM, KPMG, and Merck to evaluate the use of blockchain to protect pharmaceutical product integrity. Walmart expressed that the companies had been selected by the United States Food and Drug Administration (FDA). This development was in support to effectively track drug movement within the US.

Rafarma intuitively conveyed that this development comes as a revelation where blockchain is being effectively used for cannabis distribution. The most obvious advantage is to track the quality and availability of cannabis from seed to sale. Such novel technologies foster better doctor and patient confidence who could trace the accountability of such drugs. Many community-driven initiatives also help educate and inform consumers about cannabis or related drugs. By purchasing at the right dispensary, consumers also stand a chance to win some collectibles.