- Trace’s software earned a patent on the first time that the company applied.
- The software allows the user to scan a QR code to get price information and details about the hemp or cannabis.
The blockchain platform for Trace, as well as the app, allow processors of cannabis to upload information regarding compliance in batches, rather than doing so with each individual plant. According to reports from Benzinga, the company has officially received a patent for the innovative software.
With this system, harvested products can be tracked by cultivators from the moment they enter the supply chain, taking the products from the initial harvest to the hands of the customer. The shared database can be accessed by both businesses and regulators, creating a transparent space for this growing industry.
Josh Decatur, the founder and CEO of Trace, commented that the implementation of this technology makes it easy for hemp growers to track their harvest, while connecting with potential buyers. In doing so, Decatur believes that the software is “putting control back in the hands of farmers in an exciting but uncertain market.”
This unique system reduces the risk of human error, which is something that the brand-new industry cannot accord to deal with. It also eliminates the possibility of correct information being changed over time, which means that the supply chain can be a reliable source of information for anyone who accesses it. This product even has the ability to help law enforcement with the identification of each of these plants, which makes a big difference in the legality and the authenticity of the product.
Each cannabis or hemp product is assigned a QR code, which can be scanned to receive the available price information, information about the plant, and whether the product is hemp or cannabis.
In a statement, Erin Nohl of Vermont Farmacy explained,
“To have a tracking system from seed to sale is beneficial for all. Everything is out in the open, there is nothing to hide. It brings a sense of safety for farmers, buyers, and consumers. Trace Exchange is a platform for transparency and honesty within the cannabis industry.”
Patenting software, especially with the first application, is no easy task. In achieving this feat, Decatur stated that this is a distinction that sets the company apart from their competitors and others in the space. The app should be available in the Apple store soon, though the first government contract is expected to be implemented in 2019.
Decatur added, “Trace will be an industry standard for everybody in hemp eventually. People see us as a starting point, and rightly so, in making their product verifiable compliant.”