Blockchain tracking startup TruTrace Technologies Inc. partnered with Big Four auditing firm Deloitte to track cannabis using blockchain technology.
Investing news outlet ProactiveInvestors reported on Sept. 4 that TruTrace is launching its StrainSecure product in partnership with Deloitte. The system in question reportedly employs blockchain technology to track cannabis from seed to sale, in order to guarantee that customers and retailers know the history of the product.
TruTrace CEO Robert Galarza said that the new system will bring more transparency to the cannabis industry.
The partnership with Deloitte will purportedly help the product reach a wider base of stakeholders since the firm claims to serve 80% of Fortune Global 500 companies through its network of member firms worldwide.
Blockchain tech for cannabis supply chains
This is not the first initiative that aims to employ decentralized ledger technologies in the cannabis industry. As Cointelegraph reported yesterday, Australian Securities Exchange-listed firm Security Matters has filed a patent application in the United States for a blockchain system to securely manage the cannabis supply chain.
In June, Canadian pharmacy chain Shoppers Drug Mart partnered with TruTrace to launch a pilot program for the cannabis supply chain. The program will track various medical cannabis strains and will purportedly allow doctors to issue more effective prescriptions and provide better information for medical marijuana clinical trials.