MassRoots Is Going To Leverage Blockchain For The Cannabis Industry

MassRoots Inc MSRT, a U.S.-based company that offers a mobile application for use in the cannabis industry, said Friday it created a subsidiary dedicated to developing blockchain-based solutions for the cannabis industry.

What You Need To Know

MassRoots said its fully owned subsidiary will be called MassRoots Blockchain Technologies. The company in a press release highlighted five key advantages it can realize through the exploration of blockchain, including:

• Provide greater reliability and accuracy to reduce friction in the cannabis market-place ("Seed-to-Sale Tracking");
• Develop contracts that automatically execute when certain parameters are met ("Smart Contracts");
• Enable peer-to-peer transactions without third parties ("Eliminating Intermediaries");
• Make the results of any corporate election fully transparent and readily available to the public ("Corporate Governance"); and
• Streamline the collection of metadata in a safer and more efficient way ("Identity Management").

Why It's Important

"We believe blockchain has the potential to enable the cannabis industry to operate more efficiently and with a greater degree of accountability and transparency," MassRoots CEO Isaac Dietrich said. "MassRoots looks forward to being a pioneer in exploring blockchain-based solutions for the multi-billion dollar cannabis industry."

What's Next?

MassRoots is hoping to tap into the blockchain technology market, which is expanding beyond cryptocurrencies and has grown to a market valued at more than $600 billion.

"The broadening of this technology spans many other applications and creates various opportunities within the regulated cannabis market," the press release said.

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