Blockchain, the technology that powers digital currencies like Bitcoin, will make a cannabis-sector debut in Australia with the help of Canadian cannabis app developer Global Cannabis. The company has announced that it will launch an Australian subsidiary called Global Cannabis Apps (Australia), and has tasked the new company with the development of blockchain software for use in the medical cannabis industry.
A blockchain, sometimes called distributed ledger technology, is distributed secure information recorded across a network of computers. Exciting, right? Surprisingly, yes. Blockchain is being seriously hyped by financial tech experts—drawing comparisons to the printing press, combustion engine, and even the internet in terms of its impact on society.
Why are people so excited about it?
Blockchain is the basis of cryptocurrencies like bitcoin because it uses a large peer-to-peer network to verify and record transactions, filling the “trust gap” between transacting individuals which has traditionally been