(FinancialPress) — Bluest-of-blue-chip tech company IBM is touting the blockchain to be the solution to tracking pot from it‘s inception to the point it reaches the final consumer. The New York-based company submitted a suggestion paper to the government of British Columbia this month, as the province had publicly requested feedback when preparing for the upcoming nationwide legalization of recreational marijuana use, in July.
Using the blockchain, B.C. would be able to control the sourcing, commercialization and pricing of marijuana products while it would also allow producers to keep track of inventory, consumption trends, supply and demand projection, said IBM in the same paper.
Each participant of the blockchain helps update and validate the shared digital ledger in real time, and can pinpoint the exact location of a product at any point in time. IBM said that “This type of transparency would bring a new level of visibility and control to the provincial regulators.“
IBM has been riding the blockchain train for several years now. It has been promoting the technology for everything from financial services to industries to cargo shipping and even consumer retail. The company believes that its traditional larger clients will adopt the technology eventually, which will help mitigate the effect of reduced legacy sales on its financials.
IBM spokeswoman Carrie Bendzsa said in an email that the recommendation was made upon request from the government: “Our submission was in response to a government request.“