BitCanna; a promising blockchain payment solution for the marijuana industry
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BitCanna is an all-new block-chain based platform looking to revolutionize the legal cannabis industry and introduce a level of transparency and trust that will enable it to step into mainstream society. It offers intuitive solutions to the problems faced by everyone in the industry, from growers to distributors, to the consumer on the high street.
With a structured development roadmap, support from the biggest names in cannabis, and a proof-of-stake model for their blockchain network, BitCanna certainly looks promising.
It is a bold vision. But it is one that could be the answer to excessive fees, a lack of financial support, and numerous problems in its current supply chain network.
WHAT IS A BLOCKCHAIN NETWORK?
The blockchain is growing in terms of popularity and is now being explored by many industries for new and more powerful applications. Basically, a blockchain is a type of public accounting for all transactions in a given system that has ever been performed.
As these blocks are constantly expanding newly completed blocks are added to it. The blocks are added to the blockchain, chronological and in linear order through cryptography, safeguarding them against potential Hackers.
The blockchain builds a tamper-proof record of all transactions on the given network, which is accessible to all individuals.
The blockchain allows one to work at lower costs of greater regulatory compliance, lower risk, and high-performing efficiency. For example, Bitcoin's transfer time is about 10 minutes compared to a traditional bank system may take days to do the same simple transaction.
(Read more about blockchain technology at Wikipedia)
HOW WILL BITCANNA SUPPORT THE MARIJUANA INDUSTRY?
Currently, cash is the only truly viable means of doing business in the cannabis industry. Bank accounts, along with online banking services, are usually unavailable to companies that associate with cannabis. Despite the legality of marijuana starting to change across Europe, companies are still forced to operate within grey and costly boundaries.
The challenges BitCanna will address:
Inefficient and costly payment methods
Those working in the cannabis industry can have a hard time processing their transactions. Even services like Visa and PayPal are often off limits for businesses who are associated with marijuana. The solutions that are open to the cannabis industry come with high fees and usually involve moving large sums of cash for deposit - which in itself is a significant security risk. Insuring these large sums of money also comes at a cost; it is currently a lose-lose situation.
BitCanna will address this by implementing a decentralized payment network with BitCanna coin as the unit of currency. It will allow consumers to pay merchants directly—no middlemen, no transaction fees. This currency can be exchanged for fiat currency, and because the blockchain is transparent and transaction are immutable, financial and government institutions can monitor and regulate with ease.
Unknown origin and quality
Another challenge of the cannabis industry stems from the grey area it sits in. It is tough to know where cannabis is being produced and if it is of good quality. It is self-perpetuating: the current laws surrounding marijuana make it hard to implement a fully traceable supply chain through traditional methods, while the lack of transparency makes lawmakers unwilling to change.
BitCanna's goal is to change this. A dedicated supply chain layer is being built into the blockchain, allowing all aspects of the cannabis industry to be documented and stored safely in an immutable way. It is a transparency that ensures quality and encourages regulation.
Privacy is also being addressed via a unique BitCanna ID. With your details stored securely on the blockchain, all users will identify through their assigned and verified BitCanna ID—both merchants and consumers. There will no longer be a need to produce personal identification each time users wish to buy cannabis, visit dispensaries or coffee shops, while merchants and suppliers are visible and accountable. All of these features bring an unprecedented level of transparency to the industry.
WHAT DOES BITCANNA OFFER THE CONSUMER?
BitCanna will offer consumers everything they need to research, buy and leave feedback about cannabis. It is not just a payment solution. In addition, consumers will have:
An intuitive BitCanna mobile app is planned for launch in the later phases of development. With its release comes the ability to access your BitCanna wallet on the go, allowing for both lightning quick transactions in shops, as well as peer-to-peer transfers.
BitCanna offers consumers a BitCanna ID. It allows you to verify your identity and have it stored safely and encrypted for later use. It means faster identity checks in dispensaries and a better customer experience.
Database of Strains and Dispensaries
Over 15,000 strains will feature on a comprehensive database. Users will be able to review dispensaries and the products they offer to build upon the information provided by the database. Finding reputable cannabis sellers is one of the hardest problems faced by the consumer. A database feature is the perfect means to research and buy with confidence.
How often have your friends recommended a strain after they smoked it? Customer reviews support any claims made by producers or suppliers by providing anecdotal evidence of user experience. To substantiate genuine reviews, BitCanna will use a verification algorithm, thus removing any fake reviews that could be used to benefit or discredit companies.
In a similar vein to knowing which strains are genuinely good, knowing who to buy from and where you can find them is again, often kept within social circles. Integration into a Google Maps interface will provide users with dispensaries near their location. Even strain preferences can be inputted, directing you to the dispensaries that offer said strain.
Forced advertisements within an app is often a way to put users off. However, giving the option to sign up for ads, BitCanna's mobile app will enable advertisers to reward those users who receive their ads. Consumers who view ads are rewarded with BitCanna, helping fuel both sides of the industry.
A promotional system, with BCNA cashback rewards, can be utilized by dispensaries to reward loyal customers. Building loyalty with genuine rewards praises long-standing customers while enticing new business.
Product Verification Scanner
Utilizing mobile functionality positions, BitCanna will offer some genuinely revolutionary features for the cannabis industry. QR code scanning—commonplace in many other sectors—will provide customers with the chance to scan a product verifying the original supplier, location, and quality certificate, all thanks to BitCanna's blockchain infrastructure.
WHAT DOES BITCANNA OFFER FOR COMPANIES?
BitCanna Online Payment Plugins
Companies are set to receive a similar level of groundbreaking features to drive increased efficiency across the whole supply chain network. Cryptocurrencies can be hard to integrate into businesses. The solution? BitCanna will provide easy to incorporate plugins for commonly used payment platforms. OpenCart, OSCommerce, and Shopify are just some of the payment platforms that will have plugin support. These online payment solutions will be available as soon as the BitCanna main net goes live, allowing transactions to begin right away.
Point of Sale
For business, dispensaries, and traders that operate on the high street, a point of sale payment solution is being offered. The most common form of merchant processing software will be compatible with the BitCanna network. The best part? Zero fees for processing transactions.
Inventory management solutions and compliance tools offer merchants and distributors the ability to significantly improve the efficiency of their operation. Tracking and monitoring the supply chain network will allow companies to minimize wastage by knowing where and when products are arriving.
The compliance tools offered will log the origin of raw materials, product life, and quality certificates. All of which feed directly into the database provided to consumers. All companies will be required to operate to the same standards.
Knowing a customer is trustworthy and reliable provides the same peace of mind to companies that consumers expect when they are purchasing goods. Merchants can use a tool to verify the unique BitCanna ID that is assigned to a user, verifying they are who they say they are and speeding up the transactional process.
Powerful marketing tools enable merchants to see analytical information, allowing for tailored offers, and revealing preferences based on the location of BitCanna users.
Trust and Transparency
The underlying value of trust and transparency throughout the supply chain will also enable companies to work with government bodies. Regulation, legislation and fair taxation of the cannabis industry, without a shady stigma, attached.
THE ROADMAP FOR BITCANNA
CAN BITCANNA BE TRUSTED?
Initial coin offerings (ICO) are currently met with an air of caution. The volatility of the cryptocurrency market and the influx of new currency launches have generated negative publicity for the crypto industry. Knowing you can trust an ICO relies on a number of factors. A structured business plan, a clear vision for functionality, and the backing of industry figureheads. BitCanna covers all of those requirements.
To that end, BitCanna has formed an alliance comprised of Europe's leading cannabis companies. Each one has signed up to accept and use the BitCanna network. In exchange, they will have the ability to shape the tools and features the network will support. Some of the companies currently signed up are are the largest in Europe, including Royal Queen Seeds, Zamnesia, Cibdol, Zambeza Seeds, House of Smart, Vertafort, Grow Caps, Boerejongens Kannabia Seeds and Philosopher Seeds—to name a few. As the network expands, BitCanna plans to grow this alliance.
The combined marketing power will be essential in bringing new users to the blockchain network. Combined the companies have over ten million unique visitors per month. It is a serious project, with serious backing. To top it off, their blockchain has already been developed, and will be ready for deployment as soon as the ICO finishes.
HOW YOU CAN PURCHASE BITCANNA TOKENS
If BitCanna were to release all of the networks available tokens immediately, it would not only devalue the BCNA but cause monopolies with individuals controlling a majority share of tokens. As such the initial allocation of coins will be released in phases, controlling the pace at which the network develops provides stability and allows key players and the general public to start contributing to the blockchain.
The BitCanna token sale will take place in three phases. 1st phase will be an exclusive business-to-business sale supporting the BitCanna alliance. 2nd phase will be a private sale. Buyers will be required to sign up to a whitelist that opens on 1st July 2018. These whitelist sign-ups will be limited to 15,000 people, with the start of the private sale being announced shortly after the whitelist sign up period has expired. Finally, a public sale will take place, with dates to be confirmed.
If the feature set, values, and industry support behind BitCanna's promising blockchain network interest you, then links are provided for the BitCanna white paper and sign-up opportunity for their exclusive whitelist.