TruTrace Technologies (TTT.C) signed a letter of intent today with LeafWorks for the development of a blockchain-secured platform for supply chain validation to help the company meet industry growing standards, according to a press release.

 

LeafWorks’ supply chain service is a DNA-based testing method that follows and offers continuous verification for a client’s cannabis as it moves along the supply chain. It’s a third-party verification service that tracks samples, keeps an eye on batch consistency while handling quality control at a DNA level, and thereby reduces fraud both inside and out of a client’s supply chain.

“As the cannabis and hemp industries continue to evolve, it will be absolutely vital for manufacturers and cultivators to provide validation within the supply chain. Whether via the implementation of regulations or commercial standards, we are leading the market with data-driven solutions to meet the demands of a maturing marketplace,” said Dr. Kerin Law, PhD, co-founder and chief scientific officer for Leafworks.

This kind of thing is what TruTrace does. They develop fully integrated software using blockchain infrastructure that gives their clients options for storage, management, sharing and big jumps in their quality control, assurance and testing details, as well as motion and movement intelligence on inventory. The industries their platform usually serves are the legal cannabis, nutraceutical, food and pharma, and focus on the authentication of source materials or ingredients.

 

Where TrueTrace fits in here is through the immutability function of the blockchain service. Whatever goes on the blockchain, stays there, so if LeafWorks can ensure that every step in the supply chain is logged on the TTT’s blockchain, then it will function as an active, trustless record, providing secure traceability. This will give cannabis cultivators the tools required for secure validation testing when it comes time to meet FDA and cGMP compliance standards.

 

“The days of cannabis prohibition are numbered, and the roles of cannabis in both medical and recreational settings will continue to gain acceptance. For cultivators, this means taking a mature approach to their supply chain in order to meet the growing demands of larger distribution partners,” said Robert Galarza, CEO of TruTrace.

 

Source: stockwatch.com

Shares are flat at $0.055 today.

—Joseph Morton

Written By:

Joseph Morton

Joseph is a Vancouver-based author and journalist with both a communications degree and journalism diploma (and a few novels) under his belt. His joie de vivre is to spin difficult technical topics into more human-centric narratives. Buy him a coffee and he'll talk your ear off for hours about privacy issues, blockchain, cryptocurrency and martial arts. Don't talk to him if you're either a tomato, a bully, or if you're not a fan of either 1984 or Tender is the Night. No. You can still talk to him. Just be prepared to be told why you're wrong.

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