Share this article
IBM Pitches Blockchain to British Columbia for Pot Supply Chains
IBM has provided feedback to the government of British Columbia promoting the use of blockchain technology in the legal distribution of cannabis.
Updated Dec 12, 2022, 1:45 p.m. Published Nov 6, 2017, 10:00 a.m.
IBM is promoting the use of blockchain technology in the legal distribution of cannabis.
According to a documenthttps://engage.gov.bc.ca/app/uploads/sites/217/2017/11/IBM-Canada.pdf issued to inform to the government of British Columbia, IBM is touting the use of blockchain in order to ensure consumer safety and to include regulatory oversight in the legal distribution of cannabis "from seed to sale."
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The feedback was issued as the Canadian province prepares a regulatory framework for a legalized cannabis industry. According to official statements, the province plans to make non-medical cannabis legal by July 2018.
Describing the technology's key features, including its transparency and immutability, IBM noted that blockchain would assure the health and safety of consumers through "provenance and traceability" of products throughout the cannabis supply chain, thus eliminating fraud.
The document added:
"[Blockchain's] relevance to regulating cannabis is similar to its many chain of custody applications in areas such as pharmaceutical distribution and food chains."
On a concluding note, IBM stated that blockchain could help the provincial government "take control" of product sourcing and sales, thus helping eliminate black market sales "completely."
IBM has been revealed various blockchain supply chain trials in recent months, including one with Singapore's port operator to automate the flow of documents between trading partners.
Cannabis image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin Rebounds to $93K From Post-Fed Lows, but Altcoins Remain Under Pressure
Downward pressure on bitcoin is losing steam, with the market stabilizing but not yet out of the woods, said one analyst.
What to know:
- Bitcoin rebounded from a sharp early selloff on Thursday to trade above $93,000 shortly after the close of U.S. stocks.
- The late-day gain in bitcoin came alongside a rebound in the Nasdaq from big morning losses; the tech index closed with just a 0.25% loss.
- Downward pressure on bitcoin is losing steam, said one analyst, but the market is not yet out of the woods.
Top Stories
