MassRoots Inc (OTCQB: MSRT) saw its stock gain on the last day of trading for 2017, this after surging 44.6% on Thursday. MassRoots reported the formation of subsidiary, MassRoots Blockchain Technologies, for Blockchain-based solutions for the Cannabis industry.
Distributed ledger technology provides a greater degree of reliability and accuracy on the metadata associated with products -- times, dates, locations, quantities -- which have the potential to reduce friction in the cannabis market-place, save businesses valuable resources, and provide greater transparency to government regulators.
According to Bloomberg, IBM is also exploring how blockchain can improve seed-to-sale traceability in the cannabis market. MassRoots Blockchain is exploring how this new technology can improve its point-of-sale system, MassRoots Retail, formerly known as Odava.
MassRoots CEO Isaac Dietrich said "We believe blockchain has the potential to enable the cannabis industry to operate more efficiently and with a greater degree of accountability and transparency.
"MassRoots looks forward to being a pioneer in exploring blockchain-based solutions for the multi-billion dollar cannabis industry."
Blockchain enables the development of contracts that automatically execute when certain parameters are met -- for example, a dispensary can automatically order more supply of a particular strain when its inventories reach a certain threshold.
The smart contract has the potential to add substantial efficiency to the supply chain and resource planning processes within the cannabis industry.
MassRoots Blockchain is exploring how to integrate this technology with its platform.
MassRoots gained more than seven cents, as the last session of 2017 approached its halfway point, or 14.4%, to 59 cents.
