Australian Securities Trade-listed agency Safety Issues has filed a patent utility in the USA for a blockchain system to securely handle the hashish provide chain.

The proposed system could possibly be utilized to mark, observe and handle the provision chain for hashish vegetation, merchandise and cannabis-derived elements, ZDNet reported on Sept. 3.

Hashish on the blockchain

Safety Issues — which publicly trades in Australia however is headquartered in Israel — has indicated that the scope of the patent covers the usage of its proprietary chemical resolution for “marking” hashish vegetation at any stage of their cultivation — even to the seed previous to planting. 

The agency is now commercializing this know-how, which makes use of a hid chemical-based type of barcode to indelibly mark any materials — stable, liquid, or fuel. It has outlined that:

“The marking resolution could be utilized to the seed or plant through a coating, irrigation, and fertilisation technique and is used for product authentication, supervision and provide chain administration of the plant and plant by-products.”

When learn, the barcode reveals corresponding information immutably saved on a blockchain, which Safety Issues says supplies an end-to-end safety and transparency resolution for the agricultural and hashish sectors. 

The agency’s CEO and founder Haggai Alon has stated the answer tackles two key considerations for the hashish {industry} — the flexibility to hint hashish’ origin and to manage and monitor its content material with a purpose to verify during which utility it would lastly be used:

“SMX’s know-how has the flexibility to do that and may guarantee each wants are met with out the requirement for advanced genetic modification or adverse affect to the hashish seed, vegetation, or plant merchandise,”

In Australia, the consumption of hashish for leisure functions is at the moment unlawful, though medicinal use is permitted.

Allied industries?

The blockchain and hashish industries each proceed to deal with a level of regulatory and authorized uncertainty, authorities strain and the notion of being high-risk.

Additionally they share an ongoing wrestle with banking help — hashish — whereas now authorized in chosen U.S. states — stays a managed and illicit substance on the federal stage. 

Earlier this month, the state of Arizona accepted a blockchain-based, hashish industry-oriented funds resolution into its fintech sandbox.

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