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Discover the Use Cases of Blockchain Technology in the CBD Industry Cryptopolitan

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Blockchain technology has succeeded in laying the groundwork for new concepts within existing industries, creating a whole new world of possibilities due to the many benefits that come from decentralization and the resulting transparency. Many tech giants, as well as startups, are already using blockchain for a variety of purposes across multiple industries – from fintech to big data to energy and even wholesale.

Another emerging industry that is even considered revolutionary today is making headlines. We are talking about the CBD sector, which will grow by more than 42% between 2021 and 2022 and is expected to reach $47.22 billion by 2028 at a compound annual growth rate of 21.3% (Source: VantageMarketResearch ) Is.

The explosive growth of the CBD industry has been fueled by the growing demand for CBD products due to their proven benefits and widespread use. Numerous studies have confirmed that CBD-based products can have various health benefits, such as stress relief, treatment of anxiety and depression, pain relief and much more. The growing number of FDA-approved CBD drugs, such as the revolutionary EPIDIOLEX used to treat severe cases of epilepsy in children, is yet another important factor that has also contributed to favorable regulation of this industry.

But how does the concept of blockchain technology relate to the CBD industry? What are the potential benefits and synergies between these two emerging industries? Today we explore some of the benefits of new technology that may allow the CBD industry to reach its full potential.

Directly connecting stakeholders in the CBD industry

One of the many popular use cases of blockchain technology is its implementation as a reliable method for instant p2p transactions of value without a middleman. This allows for a variety of use cases, including transparent transfers from one stakeholder to another without a middleman. For example, blockchain-based marketplaces can provide a higher degree of transparency for sellers and buyers and thus improve their underlying terms, making transfers more profitable for both parties.

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Supply chain improvements within the region

Blockchain technology is known for its immutability and transparency, both of which could revolutionize industries suffering from inefficiencies caused by information asymmetries and unilateral power favoring manufacturers and sellers. The CBD area is no exception.

Blockchain technology can make the entire supply chain of CBD and cannabis-based products completely transparent to the end user. This allows consumers to trace a product’s origin, ensure its quality, and verify claims made by sellers. Apart from this, it can also reveal unethical practices of the producers such as the use of questionable substances or practices during the production process, unethical working conditions, unfair pricing and much more.

A transparent supply chain creates a better competitive environment and significantly reduces the likelihood of fraud and exploitation, both of which are still deeply entrenched in many industries that are critical to the products they produce, including food. and textile production.

Non-fungible Tokens: A New World of Possibilities for Artists?

Another viable application of blockchain technology for the CBD industry that has so far only been explored to a fraction of its potential is the arts.

NFT is a blockchain token used to certify the authenticity and ownership of digital assets. Ownership of an NFT is recorded on the blockchain and can be transferred by the owner, allowing the NFT to be sold and traded. As the name suggests, NFTs cannot be subdivided, unlike traditional cryptocurrencies such as bitcoin. NFTs are mostly used to symbolize digital works of art such as photos, videos and music.

Non-fungible tokens (NFTs) are a concept familiar to industry stakeholders both in the crypto universe and beyond. They created an industry that quickly grew to a billion dollars – growing from just $82 million in 2020 to over $17 billion in 2021, an increase of more than 20,000%.

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By making concepts such as making NFTs easily available and profitable within the CBD area, artists could potentially open up a new way to monetize their work by having both access to a wider audience and a fairer way of being rewarded without intervention of intermediaries. huh .

Cummed launches 420.work NFT marketplace

Qoomed has become a well-known project within the CBD space for creating one of the few cryptographic tokens specifically aimed at the CBD and cannabis industry. The company was the first to launch a marketplace for CBD products with crypto payments that not only connects sellers and buyers directly, but also provides several innovative tools for other industry stakeholders such as dropshippers, enabling them to thrive indoors. region.

Another QMade initiative is their newly established 420.work platform, the first NFT marketplace to focus exclusively on artwork in the cannabis industry. Artists can create, list and sell their own NFTs directly, just like traditional NFT marketplaces. The platform charges variable royalties in native QOOMED tokens that vary between 10% and 15%.

420.work Marketplace is live – Some of the most popular NFTs in the CBD industry are already for sale. You can directly connect your MetaMask wallet in minutes and start mining, selling and buying. Be sure to view the current offer here: www.420.work,

disclaimer. This is a paid press release. Readers should do their own due diligence before taking any action related to the promoted company or any of its affiliates or services. Cryptopolitan.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any content, goods or services mentioned in the press release.

Source: news.google.com

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