Blox Labs Enters Blockchain Ecosystem

with CannaBLOX

By Jeff Zanini
Business Edge News Magazine

Blox Labs’ shift into a blockchain technology enterprise was a logical decision after processing the reality that every person and business will potentially have a touch-point to blockchain technology in the near future.

Blox Labs Inc, a boutique technology firm publicly traded on the CSE under the ticker symbol BLOX, has recently entered into a partnership with Canadian cannabis company Liberty Leaf Holdings for the development of a blockchain-based smart contract supply chain management platform for the legalized cannabis industry.

Aptly named cannaBLOX, the joint development project was a logical fit once the respective parties matched up the parallels of Liberty Leaf’s vertically integrated distribution model and Blox Labs’ expertise in supply chain and logistics.

What is blockchain?

It is important to clarify what blockchain isn’t. Blockchain is not Bitcoin or any other cryptocurrency. It is the underlying technology platform that enables Bitcoin and up to 1,300 other cryptocurrencies with its unique, secure features.

According to the Economist, a blockchain is a distributed database that maintains an ever-growing list of records called ‘blocks’. The information in a block cannot be altered retrospectively as each block contains a timestamp and a link to a previous block. The nature of blockchain makes it function as a public, digital, distributed “ledger”.

To simplify, blockchain is a technology that permanently records transactions in a way that cannot be amended, altered, edited, or erased. The transaction can only be updated with the next sequential transaction, which results in keeping an everlasting, chronological trail.

The two slick things about this technology that differentiate it from others are its “decentralized” and “peer-to-peer” characteristics. These allow for impeccable record keeping that creates timestamps of who did what and when. Many industries and software programs (ERP, SFA, CRM, FSR, etc.) spend countless hours assessing this exact problem. With the increasing pressure on regulatory and compliance in a multitude of industries including government, food safety, pharmaceutical, medical and recreational cannabis legalization, and automotive, especially with the occurrence of recalls, in any of these areas, blockchain technology could save thousands of hours and possibly lives. The magnitude of blockchain becomes ever more crucial.

The newer generation of blockchain introduces what’s called Smart Contracts, which is the execution of contracts backed by blockchain software, which will execute contracts as they are written between parties, thus eliminating risks associated with intermediaries, exchange value, releasing data, or releasing payment all while remaining tamper resistant to outside control.

Blox Labs’ cannaBLOX project with Liberty Leaf is backed by Smart Contract technology, creating unique and critical logistical protocols for the distribution of legalized cannabis in Canada.

Blockchain opportunities dovetail particularly well into the logistics sector, in which BLOX Labs has core expertise.

Blockchain is the perfect fit to transform many critical elements of the logistics supply chain, which brings the ecosystem together on a standard platform. A vision in which the customer is sharing first-hand information with the supply chain ecosystem is disruptive.

Blox Labs Inc is focused on best-in-class development of the cannaBLOX offering, while expanding its development team in Eastern Europe for global project. The company is actively assessing further opportunities relating to blockchain and decentralized digital applications.

Jeff Zanini, director & advisor to Blox Labs Inc., is a 25-year veteran of the Canadian logistics industry, having held various senior level executive positions within multi-national organizations. Further info can be found at www.bloxlabs.ca