Medellín, Colombia, Oct. 30, 2020 (GLOBE NEWSWIRE) — The agricultural and cannabis industry will have an alternative payment system to private banking. Blockcannan, a technology company in the field of agriculture, has partnered with VISA, MasterCard, and Latoken Exchange to allow people from all over the world to participate in the profits of the cannabis industry legally through smart contracts on the Blockchain. The profits generated could only be shared in fiat currencies until now, but now they can also be shared in cryptocurrencies (namely Bitcoin, Ethereum and CBD).
Blockcannan is an agriculture and technology company established in Colombia that aims to transform the management of agricultural resources through Ethereum smart contracts. It is developing a digital platform that will allow investors, allied companies, authorities and others interested in leasing land, to obtain profits on their cell phone from the commercialization of cannabis extract and agricultural products in countries of Europe and North America. In this way, it will open the doors to the efficient use of agricultural resources with the help of technologies such as Blockchain and big data.
The CBD seed token developed by its work team allows faster and cheaper transactions of goods and services than the traditional system, in addition, the possibility that anyone with little investment knowledge, can obtain benefits from agricultural farms and from cannabis legally. This smart contract will help in the tokenization of agricultural resources, including land. Blockcannan builds a Marketplace for the commercialization of agricultural products based on blockchain. The market will facilitate the safe trade of agricultural products and legal cannabis extract. Previously, this exchange could have been done only in CBD tokens, but now, after the association with the exchange of VISA, MasterCard and Latoken, it can be done in fiat currencies or Bitcoin / Ethereum.
Proper inventory management and issuance of documents to authorities is also critical to a legal cannabis market. The Colombian State has filed Law 1787 of 2016, which regulates safe and informed access to the medical and scientific use of cannabis and its derivatives, allowing import and export. That is why Blockcannan has also developed an inventory management system for the comprehensive management of crops throughout their life in the supply chain. Thanks to blockchain technology, the system is so traceable that government authorities can also use it to track the journey of items passing through it (which is why it can work for the legalized sale of cannabis).
How will it work?
As explained above, the platform that Blockcannan is developing will work with the help of Ethereum smart contracts. As for technicalities, anyone can participate in the commercialization of agricultural products through this platform by depositing money or CBD tokens on the platform. Once they have deposited it, they can start receiving profit in the proportion of their participation in their smartphones for up to 29.9% of the value of their investment. The minimum investment amount is $ 6 and the maximum is set at $ 2 Million.
There is also a limitation on who can use the platform and who cannot. To prevent money laundering risks, only those people who have the legal capacity to enter into a contract according to the authorities of their region can use it.
Allied farms already developed by Blockcannan
Some of the allied farms have already been developed by Blockcannan to show how it will work. They have established a network of these farms in the Andean region, and a pilot project in La finca el Vértice located in the village of Río Frío in the municipality of Támesis, Colombia. That particular farm has an area of 15.18 hectares and is close to the municipal seat with easy access to roads. Approximately 1.79 hectares of this land has been used for agriculture, while Blockcannan’s team is using 0.69 hectares to build the greenhouse, cellar, nursery and drying chamber for the production and extraction of Cannabis.
According to economic projections, Blockcannan in its first year of operation will have a return of $ 3,488,000 and by its fifth year it is estimated to reach $ 55,808,000.
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