According to the Korean news portal Newspim reports, Andong in Gyeongbuk Province has won a tender for the establishment of a free trade zone for industrial hemp (cannabis) cultivation. The processes should be controlled via a blockchain-based platform.
Gyeongbuk Province governor Lee Chul-woo informed that the government issued a permit to the city to allow them to operate the industrial cannabis free trade zone. “The new thing about this free trade zone is its precise industrialization plan for narcotics. With this plan, the region will continue to grow and contribute to the company’s success, ”said Lee.
Blockchain manages industrial cannabis production
According to the cryptocurrency media Cointelegraph, South Korean government has had to ease the restrictive terms of the narcotics law, in order to allow for the industrial cannabis in particular areas. All operations will be recorded and reconciled on a blockchain platform that is expected to be unveiled after the completion of the network infrastructure in the free trade zone.
In the past, the cannabis industry only allowed the use of textiles and refining seeds, but the new approach would enable the industrial field to create a high-value biomaterial market through the industrialization of medical hemp.
The cannabis industry will provide a production line tracking solution through a blockchain-based platform, classify products according to quality, origin and final destination, and improve safety and transparency to monitor the overall cannabis production system.
Blockchain cannabis investment prospects
With the global application of blockchain + Internet technology, the physical industry and blockchain technology are increasingly closely integrated, and the medical marijuana (cannabis) market becomes the next booming sector.
In this global market competition, Youri Limited is the leader for the new medical cannabis economy.
Youri Limited is a professional cryptocurrency trading service platform, launching the medical cannabis blockchain and cryptocurrency exchange CBDEXS. With leading technology and years of experience in financial services, the core team enables every transaction to be safe and stable.
CBDEXS is committed to providing cryptocurrency transactions for medical cannabis (especially its core substance, CBD), so that the cannabis investors can better embrace the economic dividends brought by the current cannabis industry.
At present, CBDEXS has listed cannabis-based tokens such as CBDX, CBDY, which are issued based on the Ethereum ERC20 standard. These blockchain decentralization projects have successfully merged global retailers, laboratories, manufacturers, growers and logistics into a unified decentralized, open and absolutely secure sharing network, binding investors and consumers. A decentralized platform using blockchain technology seamlessly connects global medical cannabis assets and services, and delivers them to each target user without borders. Finally, the profits distribute to holders of these tokens.
Through the ecology of the CBDEXS blockchain & cryptocurrency exchange, the interest groups of the entire cannabis industry are united to solve the problems of information asymmetry in medical cannabis investment, and provide investors a transparent and effective investment information and services.