(Newswire.net — January 30, 2018) — The medical cannabis industry is entering a new phase, with new markets opening up on a regular basis and new entrants into the market as well. As with any other business though, the industry still has some hurdles to cross while positioning itself as a stable, secure market.
Nuvus Blockcahain is on track to use the latest blockchain distributed ledger technology to bring the medical cannabis market up to speed with other aspects of the pharmaceutical trade of which it’s a part. Here are a few of the major issues facing the industry that Nuvus has set its sights on.
Traceability (Chain of Custody)
When it comes to drugs, the ability to trace the origins and processes used to develop any given product is crucial. That is what gives the medical personnel the confidence that what they are prescribing or dispensing is authentic and free from any dangerous contamination.
In the medical marijuana industry, that assurance isn’t there due to the lack of a tracking system. Nuvus, on the other hand, intends to create and maintain a global standard for traceability so that every single product can be traced down to the grower and sellers whose hands it has been through.
Global exchange
From eBay to Amazon, a marketplace where buyers and sellers can easily meet, interact and effect sales has always been a catalyst for a boost in business in any sector. The medical cannabis industry is no different. Buyers and sellers have been on the lookout for a viable platform where they can be assured of the security and accuracy of their transactions.
The Nuvus platform intends to provide that using two means:
1. By leveraging on the company’s connections with growers, medical personnel and regulators to make sure that all concerned parties are present on the platform, thus ensuring that whether one wants to buy or sell, the platform would be the biggest venue at which to meet other people in the industry, begin relationships and conduct transactions.
2. By using blockchain technology to facilitate all transactions on the system. Just as crypto currencies like Bitcoin have been touted as being the future of an open and democratized currency system because their distributed ledgers make it impossible to falsify records, the upcoming platform will also have that protection by implementing the latest in blockchain technology.
That way, records of transactions will not be kept at a single location (physically and virtually), but across servers run by various participants, thus ensuring a system that people can trade in with confidence without needing to trust someone they might never have met.
Scientific Research
At its core, the medical marijuana industry still revolves around medicine, and research is a fundamental part of being able to come up with new connections that’ll guide the prescription of certain strains for one illness or another.
Through the impeccable information on the Nuvus platform, it’ll be possible for scientists to analyze the data and draw life changing conclusions that’ll increase the standing of Cannabis as a truly beneficial drug for medical treatment.