The Hemp Blockchain, Inc., a company developing advanced cloud-based solutions to accelerate the development of the industrial hemp industry, announced today that it has selected Algorand as its blockchain platform to deliver a range of supply chain management and market solutions for the industrial hemp industry. Hemp blockchain seeks to “skip” existing solutions in the agricultural sector with significant growth prospects. These solutions have important strategic importance for a variety of reasons, including agricultural sustainability, carbon sequestration and credits for carbon offsetting rapidly growing demand.
“We are partnering with world-class technology firms and domain experts to help build and support our platform while giving us the ability to scale and operate globally”
Reasons for Selecting Algorand
Algorand Inc. has developed the world’s first open-source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products. This blockchain, the Algorand protocol, is the idea of the Turing Award-winning cryptographer Silvio Micali. Algorand is a leader in the proof-of-stake consensus mechanism, which is used to validate blockchain network transactions.
Another big advantage of the blockchain consensus mechanism, that Proof of Stake is superior to Proof of Work, is because it’s scalable and energy-efficient since it does not use competing “miners” with high resource consumption to verify transactions. Hence, Algorand is the natural choice for companies like The Hemp Blockchain that are committed to a carbon-free future.
Industrial hemp is a fast-growing industry powered by plants that are different from the biological relatives that produce THC-based hemp products in that they have a dry weight content of less than 0.3%. Industrial hemp can be processed for more than 50,000 uses, including fuels, plastics, graphene, solvents, building materials, food, and medicines. It is also a powerful tool in global efforts to combat climate change, as one acre of hemp can be isolated as more than one acre of tropical rainforest More or more carbon.
The supply chain for industrial hemp is currently in chaos. It is characterized by opacity, fragmentation, the lack of a reliable payment system, the inability to verify “real” buyers and sellers, and the inability to reliably and consistently verify the source and quality of seed genetics as per federal and state regulatory requirements.
Due to its relative immaturity, the industrial manufacturing industry lacks supply chain solutions for their needs, creating favourable conditions for market access and the long-term success of blockchain-based modern industry-centric solutions. Additionally, by introducing a simplified carbon offset credit market that includes a reliable token to mediate the trade, the cannabis blockchain will offer value well beyond traditional methods.
Dan Higbee, President and CEO of The Hemp Blockchain, Inc., said, “We are partnering with world-class technology firms and domain experts to help build and support our platform while giving us the ability to scale and operate globally. Technology serves its highest purpose when it materially improves the lives of people. The Hemp Blockchain will provide a trusted digital infrastructure that benefits not only those that grow and process hemp, but also consumers of its vast array of end products, and perhaps most importantly, the planet as a whole by accelerating carbon sequestration. Industrial Hemp farmers can literally grow Carbon credits from the earth, for the earth… with The Hemp Blockchain and The Carbon Protocol.”
“We are excited about the continued expansion of the community building on Algorand and welcome The Hemp Blockchain to the Algorand ecosystem. We have been focused since the beginning on creating the most advanced technology that will allow organizations at the forefront of technology adoption, like The Hemp Blockchain™, to build and deploy new blockchain-based applications that will remove friction from legacy business models,” said David Markley, Director Business Solutions at Algorand.