Tracking Hemp from Farm to Consumption with Hempora
The hemp industry has continued to grow steadily in the last few years. Data from the “Global State of Hemp: 2019 Industry Outlook” research conducted by New Frontier Data places the current market cap of the hemp industry at $3.7 billion. Other research suggests that the hemp-CBD market alone could exceed $20 billion by 2022.
Hemp is popular for its non-psychoactive cannabinoid (CBD). In comparison with marijuana which has a high level of THC (between 5 – 35%), hemp is a preferred cannabis plant. It has also been used to treat everything from depression to PTSD, muscle inflammation, epilepsy, insomnia and even acne. The bottom line is that hemp and its derivatives are becoming quite popular even in states where it is not legalized.
While these stats look good, the hemp industry is often looked at from the lenses of how large the industry is and the potential it has to grow. Very little has been said about transparency and ensuring that consumers get products that meet high standards of quality. Questions like: where was it grown, how was it grown and what chemicals were used during planting and storing, need to be asked. A sharp practice in any of the processes can put a consumer at heavy risk.
Hempora is trying to bring decentralization to the hemp industry by keeping track of all the components, processes and players.
Hempora is an irreversible blockchain ledger that can keep track of all components of the hemp industry.
Hempora is the only hemp traceability ecosystem which integrates supply chain companies, consumers, and authorities to a decentralized, transparent, trustless and secured ecosystem. All the players involved in the industry: growers, regulatory agencies, retailers and consumers will be able to verify the origin and compliance of hemp products on the blockchain.
Identification tools are applied to crops, transports, and retail packages to follow the items throughout the whole supply chain. Hemp products in retail can be traced back to their origins together with safety-related information.
HEMP is the official currency of their ledger network. It is a proof-of-stake coin. Hempora uses a system of masternodes to verify every string of data entering their blockchain. Consumers can verify production and processing steps, as well as see feedback from other verified customers on the platform.
Hempora is the new kid on the block and with the right management team, they will be able to break in and disrupt the industry. HEMP is currently listed on CREX24 and ZOLEX, while there are plans to get the cryptocurrency on other exchanges. Other upcoming milestones include marketing campaigns, launching their mobile wallet, the release of their greenpaper and development of their ledger.
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