TruTrace Technologies Inc is collaborating with Deloitte to track Cannabis through the use of a blockchain-based solution. Through this collaboration, Trutrace will be developing a StrainSecure product to monitor the cannabis supply chain. The solution will be tracking the product from the farms where it is produced to the places where it is sold.
The system would enable buyers to ensure history as well as the quality of the cannabis. Moreover, it would allow the providers to track the product that will make the supply chain more secure. The use of blockchain technology will make the system efficient by allowing providers to track the product anytime.
Through StrainSecure, Trutrace collects plant data and analyses it for genomic verification. All information is recorded on a blockchain platform and is tracked along with the supply chain. StrainSecure also eases the legal process of quality-control by providing the required information. This significantly reduces the time spent in the administrative process as well as the cost of these tests.
Trutrace and Deloitte: What does the partnership hold for them?
The partnership with Deloitte will expose TruTrace to many more people as Deloitte is a well-known auditing firm.
Deloitte serves four out of five Fortune Global 500 companies through its network of member firms across the globe. Deloitte has member firms in more than one hundred and fifty countries. The network has more than a quarter-million (264,000) employees with more than nine thousand (9400) based in Canada.
Since Canada legalization of Cannabis, the industry has been growing rapidly. Moreover, this is not the first time blockchain technology is getting involved in Cannabis. TruTrace itself has previously collaborated with Drug Mart to launch a pilot program for the cannabis supply chain.