Blockchain and cryptocurrency are incredibly useful tools in this regard, and developing and building them into your cannabis company is one of the best ways to make it sustainable and successful.

One area that there is a clear benefit from doing so is payment tracking and verification. In an industry which was largely cash based, the verification and tracking of payments is something that will need to be documented. Outside of the obvious benefits of ensuring things are paid in the proper amount and on time, this also allows transparency that shows necessary taxes are accounted for.

Blockchain is already in use in chain of custody and distribution applications for many industries already, such as the food and pharmaceutical industry. Similarly to these industries, the cannabis industry has a distinct interest in and benefits from developing transparency and accountability with regulators and their customers.

Specifically, areas such as ensuring compliance and benchmarks with governmental bodies such as the FDA to ensure the health and safety of customers, the documentation of the strain quality of your product, preventing nefarious activities such as fraud and counterfeiting, and reducing the middleman footprint are all made much easier through integrating blockchain into your company.

IBC offers a full suite of cannabis blockchain services for those that already have an ICO and are looking to deliver on their product or those just thinking of getting started. From the inception, media plan, and legal compliance, to the execution and security of your token distribution, IBC is here to help. We’ve also already worked with multiple cannabis cryptocurrency ICOs.

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Some specific services that we offer and are applicable here include: