People who predicted that during 2021, companies and even whole markets and industries will get more involved in pursuing blockchain technology can proudly say that they were dead right. Except being the most talked about topic, the blockchain industry evolved and grew into a trustworthy system, efficient and easy to use for various digital transactions, without a third party involved. Because of this reliable and well-secured software, even the most traditional industries, such as banking and accounting, are leaning strongly toward it, driven by its transparency.
CBD global market is just one of many subjects that is more than willing to lay its growth, strategies, trends, opportunities, and overall future on something as perspective as the blockchain industry looks like.
CBD market dynamics
Many CBD products users, including those who prefer only a cbd pen and CBD oils, but also like to use cryptocurrencies to buy these products have something to look forward to. According to the latest forecast, we are not far from making both blockchain technology and the CBD industry completely mainstream and therefore available to many. Have you ever heard of marijuana cryptocurrency? If not, you will very soon. However, let’s start from the beginning and with the bright predictions for the CBD market till 2030.
A recently updated and published report made by Kenneth Research claims that rapid growth in CBD research and product development activities is more than expected due to the strong financial support from the various organizations that are both private and government-funded. The therapeutic benefits of CBD products are no longer a subject of reports made by a few secluded researchers. According to the U.S. National Institut of Drug Abuse, in the last four years, things have changed rapidly. For example, only in 2017, the National Institute of Health (NIH) invested over USD 45 million in 96 projects dedicated to the discovery of the possible cannabis and cannabinoids therapeutic use.
It’s also safe to predict that the CBD market explosion, worth over USD 22 billion by 2020, will influence further legalization of CBD products. In the U.S. thirty-three states have already legalized medical and recreational cannabis use, and removed these products from the Federal Controlled Substances Act.
The intertwining of the blockchain and CBD industries
It’s more than obvious that this story outgrowth and surpassed the discovery of the CBD oil vape pen start kit and the rise of Bitcoin as the first big cryptocurrency a long time ago. Actually, there are more than a few paths already paved, while CBD and blockchain industries are already looking for new roads, toward new markets. People who are interested in CBD products often use cryptocurrencies to buy online and vice versa. Furthermore, many blockchain-based healthcare applications offer various CBD solutions for a better quality of life. Finally, both industries are still fighting to overcome legislative obstacles and regulations.
Thankfully, there are more than a few ways these industries can support and help each other to speed up their mutual progress. Speaking of legislation, blockchain software is ideal for tracing the source of information, or in this particular case the source of cannabis and cannabis-based products, all the way from seeds to the final fruit of labor. This way there is no space for possible tampering hance no problems with the law.
Sellers of CBD oils and CBD oil vape pens know how important is to offer and sell legally produced and purchased products. Indeed, governments cannot control every single cannabis-based product sale, but with blockchain software, it’s possible to track the supply chain and find out if the production and purchase are illegal. Furthermore, many companies already use this technology to authenticate a CBD product and its legality.
Not so new way to illegally sell these types of products for medicinal purposes is to make duplicate medical records and prescriptions. This is not only against the law but also can create a shortage in supply for people who need CBD products to treat real medical issues. By using blockchain platforms doctors and pharmacists can exchange information about prescriptions and the possibility of manipulation is close to zero.
To make the payment experience as smooth as possible CBD industry created marijuana cryptocurrencies. Since the year 2014, it’s possible to buy your favorite CBD product,
gummies, oils, CBD vape pen, or salve by using DopeCoin (DOPE), Cannabiscoin (CANN), Potcoin (POT), Hempcoin ($THC), or Tokes (TKS). These cryptocurrencies make the whole process of payment transactions between farmers, dispensaries, and consumers decentralized, much easier, fast, more secure, and free of additional transaction fees.
CBD blockchain startups
Although some of these startups didn’t survive the challenging year 2020, all 10 of them are proof that synergy between CBD and the blockchain industry is full of potential and on its way to slowly taking over the whole world. The first step, to become the mainstream is already finished, as well as the goal to include innovations and offer a wide range of products with controlled quality and supported with various medical researches, to prove their treatment benefits. These 10 examples and ideas show how to join the legal cannabis supply chain and easily find a product or supplier that can be trusted.
Closing thoughts
No matter how strange it might seem, the odd relationship between the blockchain industry and the CBD market has a lot to offer and a potential that can have a huge influence on the financial decision people make regarding their future investments. Despite the fact that some countries still refuse to allow products with cannabidiol on their market, things are changing and will change even faster in the future.
Thanks to new CBD blockchain solutions and innovative startups, ordering some disposable CBD vape pen and CBD vape oil with favorite flavor will be easy and comfortable as much as it could be to use these products at the end of a stressful day.
