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Discover Blockchain Technology Use Cases in the CBD Industry

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Blockchain technology has succeeded in laying the groundwork for new concepts in existing sectors, as well as creating a whole new world of opportunity, thanks to its many benefits stemming from decentralization and resulting transparency. Several tech giants as well as startups are already using blockchain for a variety of purposes across industries ranging from fintech to big data, energy, and even wholesale.

Another growing industry, also considered revolutionary today, is making headlines. We are talking about the CBD sector, which has grown over 42% between 2021 and 2022 alone and is projected to reach $47.22B by 2028 at a compound annual growth rate of 21.3% (Source: VantageMarketResearch ).

The explosive growth of the CBD industry is driven by the growing demand for CBD products due to their proven benefits and myriad uses. Numerous studies have confirmed that CBD-based products can have many health benefits such as stress relief, treatment of anxiety and depression, pain relief, and many more. The growing number of FDA-approved CBD products, such as the revolutionary EPIDIOLEX used to treat severe cases of epilepsy in children, is another major factor that has also contributed to favorable regulation in the sector.

But how exactly does the concept of blockchain technology relate to the CBD industry? What are the potential benefits and synergies between these two emerging sectors? Today, we are exploring some of the benefits of a new technology that could potentially allow the CBD industry to reach its full potential.

Direct connection of stakeholders in the CBD industry

One of the many popular use cases for blockchain technology has been its implementation as a trusted method for direct P2P value transactions without intermediaries. This allows for many use cases, including transparent transfers from one stakeholder to another without an intermediary. For example, blockchain-based marketplaces can provide a higher degree of transparency for sellers and buyers and thereby improve their underlying conditions, making the transfer more beneficial for both parties.

Improving the supply chain in the sector

Blockchain technology is well known for its immutability and transparency, which can revolutionize industries plagued by inefficiencies caused by information asymmetries and unilateral power in favor of producers and merchants. The CBD sector is no exception.

Blockchain technology has the potential to make the entire supply chain of CBD and cannabis-based products completely transparent to the end user. This will allow consumers to trace the origin of the product, verifying its quality and the correctness of the seller’s claims. In addition, it can also reveal any unethical practices by manufacturers such as the use of questionable substances or methods in the manufacturing process, unethical working conditions, unfair pricing, and more.

A transparent supply chain provides a better competitive environment and greatly reduces the possibility of fraud and exploitation, which are still deeply entrenched today in many industries that are important in terms of their products, including food and textiles.

Non-fungible tokens: a new world of opportunity for artists?

Another viable application of blockchain technology for the CBD industry, the potential of which has yet to be explored, is art.

NFT is a blockchain token used to verify the identity and ownership of a digital asset. Ownership of NFTs is recorded on the blockchain and can be transferred by the owner, allowing NFTs to be sold and exchanged. As the name suggests, unlike traditional cryptocurrencies like Bitcoin, NFTs cannot be split. NFTs are primarily used to tokenize digital works of art such as images, videos, and music.

Non-Fungible-Tokens (NFTs) is a concept that has become well known to both industry stakeholders in the crypto universe and beyond. They created an industry that quickly grew to billions of dollars, from $82 million in 2020 to over $17 billion in 2021, i.e. more than 20,000% growth.

By making concepts like NFT easily achievable and lucrative in the CBD sector, artists could potentially open up a new way to monetize their work, having both access to a wider audience and a fairer way to be rewarded without the need for middlemen. sides.

Qoomed launches 420.work NFT trading platform

Qoomed has become a well-known project in the CBD space for creating one of the very few crypto tokens specifically targeted at the CBD and cannabis industries. The company was the first to introduce a marketplace for CBD products with crypto payments, which not only connects sellers and buyers directly with each other, but also provides many innovative tools for other stakeholders in the industry, such as dropshippers, that allow them to flourish within the sector.

Another Qoomed initiative is their newly launched 420.work platform, which is the first NFT marketplace specifically focused on works of art in the cannabis industry. Artists can mint, list and sell their own NFTs directly, just like traditional NFT marketplaces. The platform charges variable fees in the QOOMED native token, which range from 10% to 15%.

The 420.work marketplace is up and running – some of the most popular NFTs in the CBD industry are up for sale right now. You can directly connect your Metamask wallet in minutes and start mining, selling and buying. Be sure to check out the current listings here: www.420.work.

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Written by khirou

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