HEY LOSERS !!! WAZZZAAAABIIIIII !! HEHE !! Project Wazabi
Wazabi, the result of more than two years of market research and industry discussion, is a blockchain-based platform to manage the cannabis supply chain and regulatory compliance on a global scale. Bitcoin was the “FIRST” use of blockchain technology, but the “PERFECT” use case is supply chain management of controlled products. Blockchain technology will transform many industries, but due to the need to integrate with existing legacy systems, these changes will take years. As the cannabis industry is very new and therefore not tied to legacy systems, implementation of supply chain management systems utilizing blockchain technology can happen much faster. The cannabis industry needs immediate traceability, which is exactly what blockchain provides.
DMG is currently assembling a consortium of industry stakeholders, including licensed producers, retailers, testing facilities, and government, who will collaborate to ensure that Wazabi meets the needs of each specific participant in the entire supply chain. The intention is to build Wazabi so that the platform seamlessly integrates with existing ERP and other software systems already deployed and in use.
By Spring 2019 the beta version will be released with additional functionality added to the platform over time. We are tremendously excited about being a founding partner in the Wazabi consortium, and the future revenue potential that should result from the deployment of this technology solution.
Benefits and Features
It is anticipated that Wazabi will bring the following benefits to the Cannabis industry:
- Enabling irrefutable product traceability for immediate recalls
- Ensuring all product in the supply chain is sourced from legal producers
- Improving product safety for consumers
- Allowing different parties to access blockchain data based on their specific permission-level
- Automating regulatory, legal and tax compliance in each jurisdiction
- Enabling consumers to see exactly which licensed producer grew or processed their products, when it was grown, etc.
- Enhanced international credibility through product verification
- Market intelligence and industry wide data analytics