“We believe blockchain has the potential to enable the cannabis industry to operate more efficiently and with a greater degree of accountability and transparency,” stated MassRoots Chief Executive Officer Isaac Dietrich. “MassRoots looks forward to being a pioneer in exploring blockchain-based solutions for the multi-billion dollar cannabis industry.”
It’s a big move from Dietrich, who just recently regained control of the company he founded following a messy boardroom coup. Dietrich has been on a mission to keep MassRoots alive amid a failed acquisition of CannaRegs that triggered his ouster. He was able to gain shareholder support to get his old job back as CEO and may even resurrect the CannaRegs deal. Part of his strategy to save the company was to pivot from the original goal of becoming a social media giant like Facebook (FB) to becoming a software, tech brand for the cannabis industry.
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value,” according to Dan and Alex Tapscott in the Blockchain Revolution (2016). MassRoots stated in its press release that the most well-known application of blockchain technology has been cryptocurrencies, which have grown to a market valued at more than $600 billion, according to CoinMarketCap.com.
MassRoots has made cryptocurrency transactions over the past year and has turned a profit on the investment. Entering the blockchain space is another way for the company to shift more towards becoming a cannabis software brand.
Plans For Blockchain In The Cannabis Industry
The company believes that blockchain will be useful in improving seed-to-sale traceability and will explore that with its new point-of-sale system called MassRoots Retail. This system was formerly known as Odava, a company acquired from the CEO Scott Kveton who orchestrated the boardroom coup.
MassRoots will also look into using blockchain to improve supply chain contracts. The idea is that with these smart contracts, dispensaries would be able to automatically order more product when the inventory is low for that product.
It could also eliminate third parties in various transactions and create a peer-to-peer system. MassRoots also believes that blockchain has the potential to streamline social network data while eliminating the security risk. The company said in its statement, “This would enable advertisers to better target consumers, reduce the risk of security breaches, and enable the development of solutions that better serve the MassRoots community.”
MassRoots Blockchain is also “exploring how distributed-ledger technology can be applied to proxy voting and giving MassRoots’ shareholders a greater degree of transparency and communication.” Clearly, Dietrich is inspired as a result of his experience in rallying shareholders to his side in his CEO battle.
More information is available at www.MassRootsBlockchain.com.