Cannabis Banking: Blockchain To The Rescue!
Cannabis isn't legal yet federally but many regions have started moving forward with their own forms of legalization for their communities. And because of the somewhat confusing situation of being legal in some states but illegal federally, many cannabis businesses have trouble with conventional banking, finding insurance, and so on.
Not many banks or companies want to work with these businesses when they are technically engaging in illegal behavior in the fed's eyes.
But here come's the blockchain to the rescue!
The cannabis market is estimated to be in the billions of dollars and it continues to grow. For those companies who can't find a bank to work with, the blockchain might be the answer for them. A number of startups are looking to use blockchain technology to facilitate their exchanges in the market.
One company in Colorado, Tokken, has already started to move forward with using an indelible blockchain ledger that is used in order to ensure the clients data and proprietary compliance. For now, many cannabis businesses are simply running an all-cash business, but the blockchain could change that for them. And it's already started to, in providing a transparent and sustainable solution.
Read more here:http://motherboard.vice.com/read/blockchain-startups-are-hoping-to-fix-the-cannabis-industrys-banking-problem
Banks themselves are getting more involved with the blockchain themselves as well and it has recently been estimated that by 2017 at least 15% of big banks will be using the blockchain.
It's called PotCoin. http://www.potcoin.com
Awesome... it's great that Bitcoin can assist in driving different types of economic activity - especially grey market activity. Banks may be unwittingly signing their own death certificate