NEXT ERA OF LIFE BLOCKCHAIN – BASED
Blockchains are widely known for being the underlying technology behind cryptocurrencies. Ever since Bitcoin’s inception, the blockchain industry has grown rapidly in both popularity and market value. The global blockchain industry was valued at $2.01 billion USD in 2019 and is expected to reach a value of $69.04 billion USD by 2027.
The next era is being reconstructed by blockchain technology. Nearly every industry is emerging with concepts, prototypes, investment, and research and development into ways that the technology can revolutionize nearly every market.
While blockchains are primarily known for their affiliation with crypto, they have the ability to impact any industry. Blockchain technology can provide businesses and consumers with greater transparency, security, and efficiency over traditional business models and systems. It is these advantages that have led large corporations – like Walmart, De Beers, Ford and Visa – to incorporate blockchains into their operations. With the widespread adoption of blockchain technology, cannabis and hemp businesses are also beginning to explore the application of these digital ledgers.
At the same time, hemp industry is growing faster than government officials and policymakers can keep up, this is the new times challenges.
BLOCKCHAIN FOR THE CANNABIS INDUSTRY
Blockchain and Regulatory Compliance
For historical reasons, the hemp industry is regulated by strict policies and regulations in China. Compared with Europe and the United States, we have a more stringent policy response environment. MJiLOVE has also experienced the challenges faced by the HEMP industry. Based on the domestic legal industrial hemp cultivation license and processing license, MJiLOVE has the ability to produce and deliver CBD products.
As we leverage the capabilities of blockchain, we can manage each link transparently in compliance with regulatory requirements, and the entire process will not need to worry about regulatory evaluation and retrospective. The redundancy and security of the blockchain together create the main advantage that blockchain offers the Hemp industry: transparency. MJiLOVE sees blockchain as a solution to simplify the regulatory process for the Hemp industry, from certification to compliance.
Laboratory certification
As the research expands and improves, scientists can use the unrivalled power of blockchain to verify, validate, and standardise their results, perfect new approaches to cannabis usage, and speed new cannabis products to market through clinical trials.
MJiLOVE cooperation with a cutting-edge CBD manufacturing and testing laboratory capable of offering unrivalled assurances and certifications. Dedicated to improving the complete scope of CBD-related activities both on and above the blockchain level. MJiLove’s products and testing facilities will meet the most demanding quality standards necessary to be considered medical grade.
VIBRANT CITY HANGZHOU
Hangzhou, 180 km southwest of Shanghai, has a vibrant small and midsize business scene. Birthplace of e-commerce leader Alibaba Group Holding, the booming city has the third most startups in China after Beijing and Shanghai. New businesses in finance, logistics, big data and e-commerce are constantly popping up.
Hangzhou’s digital economy is the leading contributor to its overall economy. In 2020, core digital industries added value of RMB 429 billion (US$65.5 billion), up 13.3 percent and contributing to 26.6 percent of its total GDP, an increase from 24.7 percent in 2019.
With mandates from China’s central government to push the digitization of public services in the country, Zhejiang province’s Hangzhou is at the forefront of this effort. Including a large number of blockchain industries.
Supply chain guaranteed
Hangzhou, as the birthplace of China’s e-commerce, has even formed an efficient logistics system 1 day delivery in Jiangsu, Zhejiang and Shanghai in terms of its nationwide logistics management capabilities. The underlying IoT technology supports this industrial efficiency. The same experience can also be replicated to the needs of S2S (Seed-to-Sale) supply chain supervision and traceability of the entire supply chain.
Blockchain technology can strengthen consumer confidence in the cannabis industry by verifying product origin, compliance, seed verification, proof of ownership, cultivating and manufacturing processes, transactional information, location tracking, and supply chain paper trail.
Blockchain also tracks the physical property of cannabis as it moves through the supply chain by attaching a IoT tracking device to the shipment. The device communicates the location to the blockchain as a monitor in real-time. S2S can be fully guaranteed by blockchain and IoT technology.
Transaction with Cryptocurrencies
In Hangzhou and Chengdu, the two largest online payment solution providers in China, Ant Group and Alipay, there are MJiLOVE’s managers who cooperate and communicate with the technology and financial system to provide blocks for online transactions and payments in the industry. BlockChain-guaranteed technical and financial infrastructure to reduce costs and improve efficiency for the entire process. Legal cannabis transactions are increasingly being conducted with blockchain-backed cryptocurrency, such as Bitcoin, or marijuana-specific cryptocurrency (PotCoin, CannabisCoin, DopeCoin, HempCoin, and CannaCoin).
Blockchain & Web3.0 Insight
Blockchain and hemp share one main thing in common: they are both disruptive trends that are shifting how business is done around the world.
In addition to the layout of the existing blockchain industry structure, MJiLOVE. Facing the next era of Web3.0 in the Hemp industry, we are always paying attention and exploring the possibilities of technology.
Describe the next phase of the internet, Web3 is characterized by internet services and mobile apps rebuilt on decentralized blockchain technology. It often includes a broad spectrum of emerging technology like cryptocurrency, DAOs and digital assets like NFTs, or non-fungible tokens.
NFT
Amid the explosion of NFTs and the metaverse, several marijuana brands have found innovative ways to capitalize on the digital trend. VR and AR have changed the game on how we will go about buying things in the future. Shopping in the metaverse and then being able to receive your items on your door step is ground breaking and the next big thing. It’s a place where NFTs, cryptocurrency, and the cannabis world will coincide.
DAO
We see that decentralized autonomous organization (DAO) is a decentralized form of organization of practitioners. It couples practitioners through blockchain, completes upstream and downstream connections, and forms industrial delivery. The DAO will allow the community to participate and earn rewards from real-world operations within the cannabis industry. Once projecting nearly $100 million total value locked (TVL) in 6 to 18 months by contributors to the project.
ICO
Many see promise in decentralized finance when it comes to the cannabis industry’s limited access to financial services. Some dispensaries are having a go at accepting mainstream coins like Bitcoin, Litecoin, or Bitcoin Cash for cannabis transactions in legalized states. If a certain scale of hemp supply chain services can be formed, MJiLOVE will continue to pay attention to the exploration of cryptocurrency or ICO in the future.
HangZhou the pioneer city in China’s digital economy development. In Xixi National Wetland Park, a national 5A tourist attraction in the core Xihu District of HangZhou. The management team of MJiLOVE located in Xixuan Space Here.
We committed to giving full play to Hangzhou’s Internet industrial advantages of a balanced and complete talent industry structure in terms of technology, compliance, IOT, management, and operation. Constructing how the technical capabilities of blockchain can improve and promote the development of the Hemp industry. What we are most concerned about is how to make good use of geographical advantages and let technology bring continuous compound growth to business.