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Blockchain technology Budbo could radically restructure the cannabis industry

Bethan Rose Jenkins, Cannabis News Writer/Editorial

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A brand new fully integrated blockchain-based digital currency is poised to deliver a comprehensive service to cannabis companies around the world. California-based company Budbo specializes in supply chain management for the global cannabis industry.

Time, investment and infrastructure may be relieved when a company adopts this new blockchain application. It is an all-in-one tool designed specifically for growers, dispensaries, manufacturers, lab testers and marijuana industry logistics workers.

What are cannabis cryptocurrencies and their purpose?

The rapid transformation of cryptocurrency has been built upon a solid foundation, known as blockchain technology. Without this traceable and secure solution, global cannabis businesses and consumers would have a hard time doing business.

Almost 1,400 types of cryptocurrencies had been developed by January 2018, with more projected to be created as the market inflates. A digital asset that utilizes secure cryptography, cryptocurrency is a tamper-proof way of confirming peer-to-peer transactions.

Unalterable and permanent, these digital transactions aim to provide businesses in the cannabis industry and agricultural/farming sectors with global liquidity. The transactions are updated in real-time, allowing for millions of transactions to be accumulated and recorded in chronological order.

What does Budbo bring to the table that other cryptocurrencies do not?

Although Bitcoin is the biggest and most well-known blockchain network, other usable cryptocurrencies are catching up. Budbo is anticipated to bring an additional element of transparency and security to the global cannabis industry with its streamlined technology.

Capitalizing on the power of Ethereum blockchain, Budbo is a blockchain application that will encourage fast interaction and asset exchange between application users, couriers and dispensaries.

Let’s take a look at some features/benefits of this blockchain revolution:

  • Analytics – User activity will be monitored with real-time updates, thus presenting buyers with cannabis products they are most likely to acquire.
  • User Interactions – Members of the cannabis community can communicate by playing games, sending messages to one another, posting reviews, etc.
  • Real-Time Seed-to-Sale GPS – Geo-fences may be set by users so that they can monitor their products from processing to shipping.
  • Point of Sale (PoS) Integration – Comprising a banking portal that facilitates mobile payments, Budbo’s PoS system makes it easy for businesses to operate from a smartphone.
  • Inventory Management – Dispensary owners and cannabis cultivators will be alerted when they need to replenish stock and when they are overstocked.
  • Supplies and Equipment Ordering – Users can focus on buying trends and bulk up their inventory via the Purchasing Management module.
  • Custom API Interactions – The chances of discrepancies occurring are minimal since all of the data shared on Budbo is accurate and up-to-date.
  • Cloud Storage and Sorting – Documentation is immediately organized and stored in the cloud.
  • Compliance – Budbo runs in accordance with state, local and federal laws.

Unlike some blockchain applications, Budbo will also function in the cloud. Adaptable for use in dispensaries (minus the costly infrastructure) Budbo strives to legitimize the cannabis industry, promote new contract creation between suppliers and sellers, as well as aid lab testers in verifying cannabinoid levels.

Currently, the blockchain application boasts 75,000 users. Its functionality has been described by Budbo as “Tinder-like” with its visually appealing, easy-to-use interface. The platform is powered by blockchain utility tokens called “Budbo Tokens.” ranked it the top 420 application, but you can be the judge of that.

Image result for budbo tokens

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Blockchain technology Budbo could radically restructure the cannabis industry