Blockchain Startup TruTrace Collaborates With Deloitte To Track Cannabis
TruTrace Technologies Inc., a blockchain tracking start-up, has collaborated with Deloitte, a “Big Four” auditing firm in order to track cannabis using blockchain technology.
According to a report by ProactiveInvestors, TruTrace is soon releasing its StrainSecure product in integration with Deloitte. This network system implements blockchain technology for tracking cannabis from seed to sale, so that the retailers and customers know the product’s history.
Robert Galarza, the CEO of TruTrace, noted that this latest system will make the cannabis industry more transparent and efficient.
The collaboration of TruTrace with Deloitte will purportedly allow the product to reach a wider range of stakeholders. The firm claims that it serves 80% of Fortune Global 500 companies via its network of worldwide client firms.
Blockchain tech for cannabis supply chains
Such an initiative that intends to apply decentralized ledger technologies (DLTs) in the cannabis industry is not the first of its kind.
Security Matters, the Australian Securities Exchange-list firm, has issued a patent application in the U.S. for a blockchain system to manage the supply chain of cannabis securely.
In June this year, Shoppers Drug Mart, the Canada-based pharmacy chain, collaborated with TruTrace to develop a pilot program for the supply chain of cannabis. The program will purportedly track many medical cannabis strains and will enable doctors to prescribe effective cures and provide with better details for medical marijuana clinical testing.
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