How Budbo is Using Blockchain Technology to Legitimize the Cannabis Industry
Blockchain technology has the potential to reinvent a huge number of existing global industries, with companies right now trying to shake-up every space, from travel to communication.
But it’s not just limited to mainstream sectors. Blockchain technology is also being used to tackle issues that exist in industries that might be considered fringe but, at the same time (and almost as a result of this categorization), can benefit as much or more from a blockchain shakeup than can more traditional sectors.
One of these industries is the medical and recreational cannabis space — and the company that’s positioned itself to drive the shakeup is Budbo.
What Is Budbo?
Some reading this might already be familiar with Budbo. It’s an application that’s been dubbed the ‘Tinder of cannabis,’ through which users are able to swipe right or left on various cannabis strains and, based on the preference data pulled from their swiping, can locate dispensaries that sell the cannabis strains they prefer.
It’s a neat idea and one that’s already drawn a lot of users to the application (at the latest count, the Budbo application had more than 75,000 active users). However, it’s proving to be far more than just a cannabis choice and location application.
Budbo is trying to use blockchain technology to accelerate the use of cannabis as legitimate medicine, especially in the eyes of the general public, and it is succeeding in doing exactly that.
Data Is King
Data is everything these days. Nearly every application we use collects and stores data about who we are, where we are and what we do, but, with the advent and integration of blockchain technology, the way this data is stored, interpreted and, ultimately, used, is changing.
Budbo has recognized this and is harnessing the power that comes with the application of the blockchain to data collection and manipulation in the cannabis space.
As users interact with the application, it collects data based on individual preferences and experiences of the cannabis users with each of the various strains and dispensary locations.
This data will be collated and stored on the Budbo blockchain, where it can then be accessed and used by a variety of interested parties to inform a wide range of decisions.
Say, for example, a dispensary wants to know which strains cannabis users in its vicinity prefer to consume. The dispensary can use the data stored on the Budbo blockchain to find out and can then use this information to inform its inventory purchase decisions. If lots of people who live near the dispensary like a particular strain, for example, the dispensary can ensure it’s always got plenty of that strain in stock.
As another example, consider an individual suffering from PTSD who wants to know which strain might be the most effective in relieving symptoms of the condition. The individual can head over to the Budbo application and find out from other sufferers who have logged their experiences on the company’s blockchain which strains are likely to be the most effective.
Legitimizing the Cannabis Industry
One of the reasons this industry remains a fringe industry and, in line with this, a ‘shady’ industry in the eyes of many, is its association with criminal use. Through the application of blockchain technology to the space, which, by its nature is open and transparent, Budbo has the potential to legitimize the industry to a large degree, bringing it out from the shadows of criminalization and into the mainstream.
The Budbo Utility Token
In order to gain access to the data stored on the Budbo blockchain, individuals and companies use BUBO, which is the company’s utility token. The amount of BUBO required will vary according to the individual case demand but the transaction is standard pretty much across the board – BUBO in return for data and information.
Right now, the company is raising development capital by way of a token sale, in which the BUBO token will be issued to participants. As interaction with the data stored on the Budbo blockchain increases so will demand for tokens (which, as mentioned, are used to purchase access). Just like other tokens and cryptocurrencies, the BUBO token will be available for trade on the open exchanges after the close of the crowdsale, currently scheduled for March 5 or until sold out.
The token sale is ongoing and working with a hard cap of 170 million tokens.
Anyone looking to participate can pick up some early access tokens here.
Do you think that Budbo can make any significant inroads toward legitimizing the cannabis industry? Tell us what you think in the comments below.
Images courtesy of Budbo, Shutterstock