Source: MassRoots, Inc.
MassRoots, Inc. ("MassRoots" or the "Company") (OTCQB:MSRT), one of the
leading technology platforms for the regulated cannabis industry, today
announced it has formed MassRoots Blockchain Technologies, Inc., a
wholly-owned subsidiary of MassRoots, Inc. dedicated to developing
blockchain-based solutions for the cannabis industry. More information
is available at www.MassRootsBlockchain.com.
"We believe blockchain has the potential to enable the cannabis
industry to operate more efficiently and with a greater degree of
accountability and transparency," stated MassRoots Chief Executive
Officer Isaac Dietrich.
"MassRoots looks forward to being a pioneer in exploring
blockchain-based solutions for the multi-billion dollar cannabis
industry."
"The blockchain is an incorruptible digital
ledger of economic transactions that can be programmed to record not
just financial transactions but virtually everything of value,"
according to Dan and Alex Tapscott
in the Blockchain Revolution (2016). The most well-known application to
blockchain technology has been cryptocurrencies, which have grown to a
market valued at more than $600 billion,
according to CoinMarketCap.com. The broadening of this technology spans
many other applications and creates various opportunities within the
regulated cannabis market.
Seed-to-Sale TrackingDistributed
ledger technology provides a greater degree of reliability and accuracy
on the metadata associated with products -- times, dates, locations,
quantities -- which have the potential to reduce friction in the
cannabis market-place, save businesses valuable resources, and provide
greater transparency to government regulators. According to Bloomberg,
IBM is also exploring how blockchain can improve seed-to-sale
traceability in the cannabis market. MassRoots Blockchain is exploring
how this new technology can improve its point-of-sale system, MassRoots
Retail, formerly known as Odava.
Smart ContractsBlockchain enables
the development of contracts that automatically execute when certain
parameters are met -- for example, a dispensary can automatically order
more supply of a particular strain when its inventories reach a certain
threshold. The smart contract has the potential to add substantial
efficiency to the supply chain and resource planning processes within
the cannabis industry. MassRoots Blockchain is exploring how to
integrate this technology with its platform.
Eliminating Intermediaries
In the
sharing economy as it exists today, buyers and sellers have to go
through intermediaries to conduct a transaction (such as AirBnB for
short-term rentals and Uber for ride-sharing). The blockchain enables
peer-to-peer transactions without third parties, meaning that personal
and business reputation can be verified and thus more reliable.
MassRoots Blockchain is exploring how this can be applied to producers
of cannabis and the dispensaries that purchase from them.
Corporate GovernanceBlockchain has the potential to make
the validation and results of elections fully-transparent and
immediately accessible online. MassRoots Blockchain is exploring how
distributed-ledger technology can be applied to proxy voting and giving
MassRoots' shareholders a greater degree of transparency and
communication.
Identity ManagementSocial networks
such as MassRoots collect a significant amount of metadata on its
users. Blockchain has the potential to streamline its collection and
organization, while eliminating traditional security risks. This would
enable advertisers to better target consumers, reduce the risk of
security breaches, and enable the development of solutions that better
serve the MassRoots community.
About MassRootsMassRoots, Inc. is
one of the leading technology platforms for the regulated cannabis
industry. Powered by more than one million registered users, the
Company's mobile apps empower consumers to make educated cannabis
purchasing decisions through community-driven reviews. Its compliance
and point-of-sale system, MassRoots Retail, enables cannabis-related
businesses to streamline their retail operations and manage compliance
reporting to state regulators. With a significant market share of
medical cannabis patients in certain markets and more than 25,000
shareholders, the Company believes it is uniquely positioned to best
serve the needs of the cannabis industry. For more information, please
visit MassRoots.com/Investors and review MassRoots' filings with the U.S. Securities and Exchange Commission.
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