What's the situation
Right now, the cannabis industry worldwide faces a significant number of regulations and rules, and they differ for every jurisdiction:
- Banking regulations
- Product and financial trackingobligations for the supply chain
- Compliance and red-tape
- Safety regulations
- Marketing requirements
- Packaging regulations
There is no standard for any of this. This means growers, sellers and buyers are unsure about how they should go about buying product - that in many cases, is completely legal!
Even if the industry creates standards in the future, there is no one trusted system for retail outlets, dispensaries, labs, transporters and consumers to be sure of where their product is coming from.
That’s where Parsl comes in.
Using tamper-proof packaging combined with NFC tags, QR codes, RFID tags, bluetooth beacons and more, (along with third party providers), Parsl smart labelling can work across multiple jurisdictions.
When packaging moves from one hand to another, it’s scanned and that information is added to the blockchain.
Plus, growers and sellers can use NFC tags on packaging to deliver marketing content and other businesses along the supply route. The smartpackaging is accessible and secure, so sellers get the best of both worlds: reliable tech and marketing opportunities in one.
Once packaging is scanned at every single point in the process, that information is placed on the blockchain. The result? Buyers, sellers and growers can see transparent information about where their product has been, is now, and will be located later on.
This also allows regulators from different jurisdictions to immediately identify any material that’s been passed through any supply chain.
Blockchain is a key technology in enabling Parsl to build its novel supply chain technology solution. The blockchain provides secure, transparent and unchangeable data.