Tokes Platform is Using Blockchain Technology to Fix the Cannabis Industries Banking Issues | CashCropToday
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Tokes Platform is Using Blockchain Technology to Fix the Cannabis Industries Banking Issues

May 8, 2018
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The Tokes Platform uses blockchain technology to solve one of the biggest issues that owners are having operating their cannabis businesses. Though cannabis is legal in states like California and Colorado, it is still federally labeled a Schedule 1 drug which is causing banking institution to refrain from opening accounts for owners. The issue makes something as simple as setting up a bank account to become a major problem for businesses involved in cannabis and hemp.

By using a decentralized currency in the form of “cryptocurrency”, those involved in the industrial hemp and cannabis sector can calm there nerves and use the Tokes platform to operate their business via digital money that can be spent around the world.

Tokes uses a mobile app that will allow customers to purchase cannabis and cannabis related products directly from a medical or recreational dispensary. Their team of qualified technicians can implement their technology at any business which will ensure that owners can easily track and supply their customers with an efficient way to pay for products.

The companies current platform runs on and uses the “Wave wallet” where a network of peers validate transactions made by individuals or the business itself. These transactions are recorded in a digital ledger that contains a complete history of all transactions that has taken place throughout the history of the platform. This helps reduce the possibility of faulty transactions and fraud.

Within legal states companies involved in the industry must stay compliant by keeping track of everything produced and sold from seed to sale.  The Tokes Platform, in conjunction with company TheraCann, has also established solutions for supply chain management via vertically integrated software that tracks cultivation, processing, laboratory testing, and the distribution of cannabis and other cannabis derived products.

The Tokes Platform continues to expand their services to supply business owners the tools that they need to operate legally. The cannabis industry is growing expotentially and companies like Tokes are ensuring its survival by finding solutions to the biggest challenges that companies face today.

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