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Blockchain is causing a major disruption in several industries while catching the eyes of companies like Microsoft, International Business Machine and more. Now BudBlockz (BLUNT) and MediBloc (MED) are bringing this technology to disrupt the healthcare industry. Data privacy remains one of the major issues today. People have witnessed unethical use of data by renowned companies. Blockchain may resolve the issue considering the fact that it is immutable.
While MED is working on a blockchain technology to store and keep medical data associated with patients intact, BudBlockz has taken it a step ahead. They are bringing cannabis (marijuana) to the game. The product has long been associated with healing, physically, mentally and spiritually. Moreover, several states have legalized it for recreational and medical use cases.
Though federal law does not allow marijuana to be used for any purposes, still, many states allow limited consumption. Some studies, according to Mayo Clinic, suggest the substance may be beneficial in several diseases like Epilepsy and seizures, Alzheimer’s, Crohn’s and more.
Latest news suggests that House Bill 639 will give initial approval for the product legalization. It was approved based on 234-127 votes and will be sent for more work. Iowa House Democrats also proposed legalizing cannabis for recreational use. If passed, the law would allow people older than the age of 21 having a valid ID to possess up to 500 milligrams of THC.
BudBlockz are also working on an initiative to spread cannabis farms and dispensaries across the globe. Their Ganja Guruz project would allow the users to have exclusive perks apart from accessibility to the facilities. The fact that many states are looking to legalize the product and the growth of blockchain technology has remained imminent, the company holds potential to revolutionize the pharma sector.
Moreover, making transactions using BLUNT, the native crypto asset of the company, would enable the users to get their hands on exclusive perks. It would potentially increase the user base on the network meanwhile, keeping the transparency of transactions intact on blockchain.
The current pharmaceutical industry holds a few loopholes that can affect the consumers drastically. Data analysis being one of the challenges, blockchain can eliminate the need for agile tools to analyze the data. Additionally, it eliminates the cyber threats as a hacker would need to get 51% control over the blockchain to manipulate the data. Cherry on the top, to reach the data stored on one Millionth block, he would need to change the data on prior blocks.
Supply chain remains another challenge as low transparency does not allow the consumers to verify if the product arrived at their doorstep in tamper-proof. Blockchain can solve this by offering increased transparency associated with production. From product manufacturing to final delivery, a consumer can see entire data to ensure the authenticity of the product.
IBM is already using this technology for supply chain management to heighten consumers’ trust. This is just one example of how mainstream companies are using the technology to improve their operations and deliver quality services.
BudBlockz contract address is as Follows- 0xe5d4988A644EF97f58583BaC42285090924417D0
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Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
