Blockchain Company Trace Receives Patent For CBD Supply Chain Software

The cannabis-focused blockchain company Trace announced this week it has received a patent for its software.

The company’s blockchain platform and app enable cannabis processors to upload compliance data by batch instead of plant-by-plant, improving the supply chain and the efficiency of cannabis processors.

With this software, cultivators can track their harvested products throughout the entire supply chain, from harvest and testing all the way to the customer, establishing a shared database for both businesses and regulators.

“By using Trace, hemp growers can easily track their harvest from soil to shelf and be connected with potential buyers, putting control back in the hands of farmers in an exciting but uncertain market,” Josh Decatur, founder and CEO of Trace,

said in a press release.

The system is unique in the manner that it lowers the possibility for human error, and also removes the potential for altering accurate information, all of which results in a more reliable chain of custody, according to Trace. 

The product could offer a solution for law enforcement for easier identification of the plant.

Get Started

Earn 7.2% — No Matter What the Fed Does

Markets expect rate cuts — but your earnings don’t have to suffer. Lock in 7.2% until 2028 from ten individual bonds.

Get Started

By scanning the QR code of any cannabis or hemp product, the price details can be obtained, including data about the plant — and whether it's cannabis or hemp. 

Click here for more information about the upcoming Benzinga Cannabis Capital Conference Oct. 22-23 in Chicago.

"To have a tracking system from seed to sale is beneficial for all,” Erin Nohl, co-founder of Vermont Farmacy, said in a statement. “Everything is out in the open; there is nothing to hide. It brings a sense of safety for farmers, buyers and consumers. Trace Exchange is a platform for transparency and honesty within the cannabis industry.”

Considering how challenging it is to patent software and especially to obtain a patent with the first application, Trace’s co-founder Joshua Decatur told VTDigger that the distinction sets the company apart from peers. 

Decatur also told the outlet that he anticipates having an app in Apple’s store soon, and the company’s first government contract by the end of 2019.

“Trace will be an industry standard for everybody in hemp eventually. People see us as a starting point, and rightly so, in making their product verifiably compliant.”

Don’t miss out on the top cannabis stories of the day. Click here to sign up for our daily insider newsletter.